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[Zn] SMM Morning Review - 2009/9/24 Zinc Market
SHANGHAI, Sept. 24 (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. 23rd
|
1,910
|
-26
|
41,692
|
219,584
|
436,525
|
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. 23rd
|
14,980
|
15,030
|
15,127
|
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. 23rd
|
15,120
|
15,210
|
15,287
|
14,975
|
Summary
On Wednesday, Shanghai #0 zinc was traded at RMB 14,950-15,000/mt, and #1 zinc was traded at RMB 14,900-14,950/mt. Zinc prices continued to consolidate around RMB 15,000/mt, generating the wait-and-see sentiment in spot market, and overall transactions were weak. Guangdong #0 zinc was traded at RMB 14,900/mt, and #1 zinc was traded around RMB 14,850/mt. The trading sentiment was lukewarm in spot market, and the wait-and-see sentiment was prevailing among market players.
As to futures market, SHFE zinc prices opened high, and finally closed at RMB 15,120/mt along with plunged A-share stock prices in the afternoon, and total positions experienced increases for the first time recently, indicating the entrance of long positions. SHFE zinc prices are expected to remain above RMB 15,000/mt.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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