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[Zn] SMM Morning Review - 2009/8/28 Zinc Market
SHANGHAI, Aug. 28 (SMM) -- LME Market
|
|
Close
(USD/mt)
|
Premium/Discount
|
Volume
(lot)
|
Position
(lot)
|
Inventory
(mt)
|
|
3-mth Contract
|
Spot – 3 mth
|
||||
|
July Average
|
1,606
|
-25.5
|
46,010
|
215,749
|
358,340
|
|
Aug. 27th
|
1,835
|
-27
|
33,145
|
217,901
|
434,925
|
SHFE Market
|
|
Zinc – Spot Month (RMB/mt)
|
RMB/USD
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
Aug. 17th
|
14,315
|
14,285
|
13,948
|
1:6.8333
|
|
Aug. 27th
|
14,960
|
14,985
|
14,714
|
1:6.8320
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
Aug. 17th
|
14,515
|
14,530
|
13,528
|
14,300
|
|
Aug. 27th
|
15,150
|
15,205
|
14,818
|
14,900
|
Summary
On Thursday, Shanghai #0 zinc was traded at RMB 14,900/mt, #1 zinc was traded at RMB 14,850/mt. Transactions were weak in spot market, and downstream consumers were cautious given plunged SHFE zinc prices. Guangdong #0 zinc was traded at RMB 14,850/mt, #1 zinc was traded at RMB 14,800/mt. SHFE zinc prices showed a weak performance, and trading sentiment was slim in spot market. At present, downstream producers held a wait-and-see attitude with regard to spot prices at RMB 15,000/mt, resulting in lackluster trading activity.
As to futures market, SHFE zinc 0912 contracts closed at RMB 15,260/mt, and LME zinc prices failed to move upward under positive economic data, indicating shortages of market confidence in current zinc prices, so SHFE zinc prices are expected to continue to fluctuate. Yesterday, the highest prices for 0912 contracts were RMB 15,425/mt and the lowest prices were RMB 15,185/mt. Total trading volumes were 164,006 lots, down 7,792 lots. Total positions were 103,624 lots, down 1,774 lots. The passive moving trend for SHFE zinc prices will continue.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
None of this material may be used for any commercial or public use in any form or means, without the prior written consent of CBI China. For reproduction issue, please contact us by email: metalresearch@cbichina.com or tel:86-21-51550040
Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.
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