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[Zn] SMM Morning Review - 2009/9/9 Zinc Market
SHANGHAI, Sept. 9 (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. 8th
|
1,975
|
-22
|
55,039
|
225,010
|
436,525
|
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. 8th
|
15,300
|
15,250
|
14,853
|
1:6.8300
|
|
|
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. 8th
|
15,560
|
15,390
|
14,857
|
15,050
|
Summary
On Tuesday, Shanghai #0 zinc was traded at RMB 15,100/mt, and market supply of #1 zinc and imported zinc were limited, with traded prices remaining around RMB 15,050/mt. Transactions were general and downstream consumers were quiet. Guangdong #0 zinc was traded at RMB 15,000-15,050/mt, #1 zinc supply was limited, and the wait-and-see attitude dominated downstream consumers, resulting in weak transactions.
As to futures market, SHFE zinc prices began sliding yesterday after the effect from lead poisoning has been absorbed by the market. SHFE zinc three-month contracts prices opened at RMB 15,670/mt, and then slipped rapidly to RMB 15,320/mt. However, the growth in copper prices in the afternoon helped support zinc prices to regain previous loss, and finally SHFE zinc prices closed at RMB 15,665/mt, down slightly 0.35%, with positions down 15,288 lots. SHFE zinc prices will likely move down in the short term given shortages of upward momentum after positive impact from lead smelter closures has been consumed by the market.
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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