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[Zn] SMM Morning Review - 2009/9/8 Zinc Market
SHANGHAI, Sept. 8 (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. 7th
|
1,920
|
-22
|
42,864
|
225,143
|
436,925
|
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
|
|
Sept. 7th
|
15,340
|
15,435
|
14,841
|
1:6.8305
|
|
|
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. 7th
|
15,550
|
15,605
|
14,855
|
15,300
|
Summary
On Monday, Shanghai #0 zinc was traded at RMB 15,300/mt, and market supply of imported zinc was limited, with traded prices remaining around RMB 15,300/mt, and market transactions were general. Guangdong #0 zinc was traded at RMB 15,250/mt, #1 zinc and imported zinc were traded at RMB 15,150-15,200/mt, SHFE zinc prices showed a weak performance, and transactions were worse.
As to futures market, LME zinc prices moved up propelled by rising SHFE zinc prices, but negative employment data from the US limited the upward room. Yesterday, SHFE zinc prices opened high and went lower, and three-month contracts closed at RMB 15,665/mt, with open interest down 13,552 lots. The confidence shortages of long positions restricted the upward room for zinc prices. SHFE zinc prices will remain high in the short term.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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