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[Zn] SMM Morning Review - 2009/9/3 Zinc Market
SHANGHAI, Sept. 3 (SMM) -- LME Market
|
|
Close
(USD/mt)
|
Premium/Discount
|
Volume
(lot)
|
Position
(lot)
|
Inventory
(mt)
|
|
3-mth Contract
|
Spot – 3 mth
|
||||
|
August Average
|
1,845
|
-27
|
48,810
|
215,071
|
431,386
|
|
Sept. 2nd
|
1,830
|
-26
|
52,803
|
221,498
|
438,050
|
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
|
|
Sept. 2nd
|
14,640
|
14,605
|
14,722
|
1:6.8316
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
Aug. 17th
|
14,515
|
14,530
|
13,528
|
14,300
|
|
Sept. 2nd
|
14,845
|
14,775
|
14,827
|
14,625
|
Summary
On Wednesday, Shanghai #0 zinc was traded at RMB 14,600-14,650/mt, #1 zinc was traded at RMB 14,600/mt or below, market transactions were sluggish. Guangdong #0 zinc was traded at RMB 14,500-14,550/mt, #1 zinc and imported zinc were limited in the market. Downstream consumers adopted a wait-and-see attitude with regard to falling zinc prices, with low purchasing interest, and transactions were weak as a result.
As to futures market, LME zinc prices closed down significantly negatively affected by dropping Dow Jones index. Yesterday, SHFE zinc prices opened low and went higher, finding support below RMB 15,000/mt. SHFE three-month contract prices opened at RMB 14,810/mt in pre-market, and soared to test RMB 15,000/mt. However, SHFE zinc prices experienced a round of declines driven down by plunged SHFE copper prices, and then recovered again, and closed at RMB 14,935/mt finally, down 0.76%, with open interest up 18,506 lots. The US Institute for Supply Management (ISM) announced on Tuesday that the manufacturing index in August was 52.9, higher than 50 for the first time since January 2008, with estimated index at 50.5, indicating the US manufacturing industry is recovering. SHFE zinc prices slipped due mainly to falling SHFE copper prices, so any downward room for SHFE zinc prices will be limited in the short term given the support from purchasing interest at lower prices.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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