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[Zn] SMM Morning Review - 2009/9/28 Zinc Market
SHANGHAI, Sept. 28 (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. 25th
|
1,875
|
-27
|
37,742
|
225,544
|
435,825
|
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. 25th
|
14,895
|
14,810
|
15,061
|
1:6.8287
|
|
|
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. 25th
|
15,050
|
14,970
|
15,228
|
14,775
|
Summary
On Friday, Shanghai #0 zinc was traded at RMB 14,750-14,800/mt, and #1 zinc was traded at RMB 14,700-14,750/mt. The market sentiment was general during the last trading day before this weekend and a portion of downstream consumers purchased when zinc prices were low, and market prices remained firm. Guangdong #0 zinc was traded at RMB 14,650-14,700/mt, and #1 zinc was traded at RMB 14,600-14,650/mt. The trading sentiment improved in the market, and transactions increased significantly after SHFE zinc prices climbed at noon.
As to futures market, SHFE zinc prices opened low but went high last Friday due to falling US existing home sales and plunging LME zinc prices. SHFE three-month contract zinc prices closed at RMB 15,050/mt, unchanged from yesterday, and total positions declined by 3,542 lots. At present, SHFE zinc prices received support at RMB 14,900/mt, and zinc prices are expected to climb to RMB 15,000/mt today.
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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