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[Zn] SMM Morning Review - 2009/9/23 Zinc Market
SHANGHAI, Sept. 23 (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. 22nd
|
1,935
|
-26.5
|
28,850
|
219,626
|
436,050
|
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. 22nd
|
15,080
|
15,130
|
15,139
|
1:6.8289
|
|
|
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. 22nd
|
15,280
|
15,335
|
15,305
|
15,050
|
Summary
On Tuesday, Shanghai #0 zinc was traded at RMB 15,000-15,100/mt, and #1 zinc was traded at RMB 14,950-15,000/mt. Spot zinc prices faced downward pressure at RMB 15,000/mt, and downstream purchasing interest was moderate, resulting in general transactions. Guangdong #0 zinc was traded at RMB 14,900-14,950/mt limitedly, and #1 zinc was traded around RMB 14,900/mt. The falling SHFE zinc prices weighed on the trading sentiment in spot market, and overall trading volumes were limited.
As to futures market, SHFE zinc prices opened high, and finally closed at RMB 15,280/mt along with dropping SHFE copper prices in the afternoon. Both trading volumes and positions experienced declines. The release of customs data generated different views towards price outlook in the market, and zinc prices are expected to move narrowly in the short term.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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