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[Zn] SMM Morning Review - 2009/9/16 Zinc Market
SHANGHAI, Sept. 16 (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. 15th
|
1,875
|
-24
|
47,881
|
218,616
|
435,900
|
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. 15th
|
14,850
|
14,790
|
14,856
|
1:6.8284
|
|
|
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. 15th
|
15,045
|
14,950
|
14,863
|
14,765
|
Summary
On Tuesday, Shanghai #0 zinc was traded at RMB 14,750-14,780/mt, and #1 zinc was traded at RMB 14,730-14,750/mt. SHFE zinc prices performed worse, and different views on future zinc prices still existed in the market, and the trading sentiment was general. Guangdong #0 zinc was traded at RMB 14,700-14,750/mt, #1 zinc and imported zinc supply were limited, with deals mainly done in the RMB 14,650-14,700/mt range. The spot market was brisk on the last trading day before delivery date, and downstream consumers still purchased on as-needed basis.
As to futures market, LME zinc prices continued to slide, but later moved up again. SHFE zinc prices performed better yesterday, and bottomed out. SHFE three-month contract zinc prices opened at RMB 14,945/mt, and then kept moving narrowly, and closed at RMB 15,150/mt finally, up 2.61%. Total positions declined by 2,796 lots to 123,914 lots. Technically, zinc prices will likely find downward pressure at 30-day moving 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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