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[Zn] SMM Morning Review - 2009/9/18 Zinc Market
SHANGHAI, Sept. 18 (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. 17th
|
1,940
|
-24
|
39,390
|
216,644
|
435,000
|
SHFE Market
|
|
Zinc – Spot Month (RMB/mt)
|
RMB/USD
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
Sept. 15th
|
14,850
|
14,790
|
14,856
|
1:6.8284
|
|
Sept. 17th
|
15,200
|
15,245
|
15,202
|
1:6.8272
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
Sept. 15th
|
15,045
|
14,950
|
14,863
|
14,765
|
|
Sept. 17th
|
15,345
|
15,430
|
15,313
|
15,125
|
Summary
On Thursday, Shanghai #0 zinc was traded at RMB 15,100-15,150/mt, and #1 zinc was traded at RMB 15,050-15,100/mt limitedly, the weak SHFE zinc prices weighed on spot transactions, and downstream purchasing interest was low, resulting in slim trading sentiment. Spot trading sentiment was lukewarm in Guangdong market, with limited trading volumes. The pessimistic sentiment prevailed among market players, so the buying interest was low. Rumors in the market report that #0 zinc was traded at RMB 15,050/mt limitedly.
As to futures market, LME zinc prices grew positively affected by better US industrial data. The industrial production in August in the US increased by 0.8% on a monthly basis. The consumer price index in August in the US dropped by 1.5% on a yearly basis, and both positive data provide a boost for zinc prices on yesterday morning. SHFE zinc prices opened high yesterday, and SHFE three-month contract zinc prices opened at RMB 15,550/mt, but closed at RMB 15,345/mt. Positions continued to decrease, and the market sentiment declined sharply. Struggles intensified in zinc market recently, and zinc prices find greater pressure in upward track.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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