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[Zn] SMM Morning Review - 2009/9/10 Zinc Market
SHANGHAI, Sept. 10 (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. 9th
|
1,975
|
-22
|
45,316
|
223,032
|
436,175
|
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. 9th
|
15,450
|
15,425
|
14,876
|
1:6.8292
|
|
|
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. 9th
|
15,530
|
15,675
|
14,861
|
15,350
|
Summary
On Wednesday, zinc ingot transactions were weak in Shanghai market, and #0 zinc was traded at RMB 15,300-15,350/mt, the downstream purchasing interest was low. Guangdong #0 zinc was traded at RMB 15,250-15,350/mt, #1 zinc was traded around RMB 15,250/mt, the wait-and-see sentiment prevailed among downstream manufacturers, and trading sentiment was slim.
As to futures market, LME zinc prices climbed strongly and set a record high for 2009. SHFE zinc prices opened high and went lower yesterday, with great resistance from RMB 16,000/mt. SHFE zinc three-month contracts prices opened at RMB 15,800/mt, and then moved upward rapidly to RMB 15,970/mt, but closed at RMB 15,650/mt, up 0.97%, negatively affected by falling copper prices. Positions increased by 3,642 lots. SHFE zinc prices received great pressure from RMB 16,000/mt, and will remain high in the short term.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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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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