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[Zn] SMM Morning Review - 2009/9/15 Zinc Market
SHANGHAI, Sept. 15 (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. 14th
|
1,850
|
-26
|
58,614
|
225,871
|
434,775
|
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. 14th
|
14,150
|
14,530
|
14,859
|
1:6.8280
|
|
|
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. 14th
|
14,770
|
14,675
|
14,863
|
14,625
|
Summary
On Monday, Shanghai #0 zinc was traded at RMB 14,600-14,650/mt, and #1 zinc was traded at RMB 14,600/mt. SHFE zinc prices plunged, and different views appeared in the market. A portion of downstream manufacturers were pessimistic towards future zinc prices. Coupled with plenty of previous purchases, overall trading volumes were limited. Guangdong #0 zinc was traded at RMB 14,500-14,550/mt, #1 zinc was traded at RMB 14,450-14,500/mt. Downstream consumers were wary in purchasing, and trading sentiment was general.
As to futures market, LME zinc prices continued to slide to USD 1,900/mt last Friday, and SHFE zinc prices opened low yesterday, and have ever declined to daily limit. Three-month contract zinc prices opened at RMB 14,615/mt, and later dropped to daily limit of RMB 14,515/mt following copper prices trend. However, the purchases helped drive up zinc prices slightly, and three-month contract zinc prices closed at RMB 14,835/mt, down 2.91%, and total positions increased by 1,294 lots.
Last weekend, the US announced to impose special tariffs on tire imports from China, exerting negative impact on China's export during the second half of 2009. SHFE rubber prices dipped to daily limit, having negative impact on zinc prices directly, and SHFE zinc prices will test the support level of 60-day average line 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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