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[Zn] SMM Morning Review - 2009/9/21 Zinc Market
SHANGHAI, Sept. 21 (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. 18th
|
1,915
|
-25.5
|
29,887
|
217,493
|
436,500
|
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. 18th
|
14,950
|
15,090
|
15,146
|
1:6.8271
|
|
|
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. 18th
|
15,155
|
15,255
|
15,297
|
15,000
|
Summary
On Friday, Shanghai #0 zinc was traded at RMB 15,000/mt, and #1 zinc was traded at RMB 14,950/mt. Downstream consumers had no plans to replenish stocks, but stood on the sidelines, leading to lukewarm trading sentiment. The market sentiment was slim in Guangdong market, with limited trading volume, and falling SHFE zinc prices generated the downstream wait-and-see sentiment. #0 zinc was traded at RMB 14,900-14,950/mt limitedly, and #1 zinc was traded around RMB 14,900/mt.
As to futures market, SHFE zinc prices fluctuated lower after opening low, and SHFE three-month contract zinc prices opened at RMB 15,300/mt and closed at RMB 15,155/mt, down 1.78%. Positions dropped by 2,330 lots to 98,278 lots. The withdrawal of long positions after profit-taking weighed on zinc prices. Zinc prices are expected consolidate around RMB 15,000/mt in the near future.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
None of this material may be used for any commercial or public use in any form or means, without the prior written consent of CBI China. For reproduction issue, please contact us by email: metalresearch@cbichina.com or tel:86-21-51550040
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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