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[Zn] SMM Morning Review - 2009/9/22 Zinc Market
SHANGHAI, Sept. 22 (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. 21st
|
1,910
|
-25.5
|
40,013
|
219,065
|
436,300
|
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. 21st
|
15,155
|
15,135
|
15,145
|
1:6.8280
|
|
|
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. 21st
|
15,355
|
15,295
|
15,296
|
14,975
|
Summary
On Monday, Shanghai #0 zinc was traded at RMB 14,950/mt, and #1 zinc was traded at RMB 14,900-14,950/mt. Inquiries from downstream consumers were up, but trading volumes were limited, indicating the downstream manufacturers prepared for purchases when zinc prices were low before China’s National Day holiday. Overall spot transactions were general. Guangdong #0 zinc was traded at RMB 14,950/mt, with offers at RMB 15,000/mt appearing in the afternoon, and #1 zinc was traded around RMB 14,900/mt. The rising SHFE zinc prices drove up trading sentiment in spot market, and spot transactions improved significantly.
As to futures market, SHFE zinc prices fluctuated higher pushed up by long positions after opened low, but the shrinking trading volumes signals market players remained uncertain about market outlook. SHFE three-month contract zinc prices climbed due to the recovery of stock market, and closed at RMB 15,355/mt, up 0.66%. Total positions dropped by 758 lots. Zinc prices are expected to fluctuate higher in the near future.
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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