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[Zn] SMM Morning Review - 2009/9/14 Zinc Market
SHANGHAI, Sept. 14 (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. 11th
|
1,870
|
-24
|
54,155
|
225,197
|
435,150
|
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. 11th
|
15,000
|
15,000
|
14,886
|
1:6.8282
|
|
|
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. 11th
|
15,060
|
15,155
|
14,864
|
15,025
|
Summary
On Friday, Shanghai #0 zinc was traded at RMB 15,000-15,050/mt, and #1 zinc was traded at RMB 14,950/mt. SHFE zinc prices slipped, and inquiries were up in spot market, but trading sentiment was general. Guangdong #0 zinc was traded at RMB 14,950-15,000/mt, #1 zinc was traded at RMB 14,900/mt. The falling SHFE zinc prices stimulated downstream purchasing interest, resulting in brisk spot market.
As to futures market, SHFE zinc prices opened low and went lower last Friday due to plunged LME lead prices. SHFE three-month contracts zinc prices opened at RMB 15,285/mt, and dropped markedly in the afternoon after China announced that domestic zinc output experienced significant growth during August. SHFE zinc prices closed at RMB 15,170/mt, down 3.04%, with positions up 4,126 lots. National Bureau of Statistics released that China’s zinc output was 415kt during August, up 24.2% YoY, and significant growth in zinc output generated market concern over demand and weighed on zinc prices. SHFE zinc three-month contracts prices are expected to move down to test the support level of RMB 15,000/mt in the short term.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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