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[Zn] SMM Morning Review - 2009/9/4 Zinc Market
SHANGHAI, Sept. 4 (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. 3rd
|
1,895
|
-26
|
49,365
|
220,477
|
437,775
|
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. 3rd
|
14,855
|
14,775
|
14,726
|
1:6.8307
|
|
|
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. 3rd
|
15,110
|
14,940
|
14,828
|
14,700
|
Summary
On Thursday, Shanghai #0 zinc was traded at RMB 14,700/mt, #1 zinc was traded at RMB 14,650/mt, market transactions were general. Guangdong #0 zinc was traded at RMB 14,600-14,650/mt, #1 zinc and imported zinc were limited in the market. The rising SHFE zinc prices improved trading sentiment in the spot market, help drive up downstream purchasing interest.
As to futures market, SHFE zinc prices opened high and went higher boosted by strengthened domestic stock markets. Three-month contracts opened at RMB 14,995/mt in pre-market, and soared in the afternoon driven up by rising domestic stock markets, and closed at RMB 15,215/mt, up 2.42%, with open interest down 8,010 lots. Technically, SHFE zinc prices began bottoming out and will likely test previous highest level in the short term, and particular attention should be paid to the upcoming non-farm employment data in the US.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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