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[Zn] SMM Morning Review - 2009/10/12 Zinc Market
SHANGHAI, Oct. 12 (SMM) -- LME Market
|
|
Close
(USD/mt)
|
Premium/Discount
|
Volume
(lot)
|
Position
(lot)
|
Inventory
(mt)
|
|
3-mth Contract
|
Spot – 3 mth
|
||||
|
September Average
|
1,902
|
-27
|
45,704
|
221,796
|
436,161
|
|
Oct. 9th
|
2,040
|
-24.5
|
58,783
|
238,330
|
433,525
|
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
|
|
Oct. 9th
|
15,500
|
15,555
|
15,047
|
1:6.8270
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
Sept. 15th
|
15,045
|
14,950
|
14,863
|
14,765
|
|
Oct. 9th
|
15,730
|
15,860
|
15,214
|
15,450
|
Summary
Friday is the first trading day after the holiday, and the trading sentiment was lukewarm in Shanghai spot market. #0 zinc was traded at RMB 15,450/mt, and #1 zinc and imported zinc were traded at RMB 15,400-15,420/mt. Zinc ingot transactions were weak in Guangdong market, and #0 zinc was traded at RMB 15,300-15,350/mt limitedly, downstream consumers stood on the sidelines, and inquiries were up, but trading volume was limited.
As to futures market, SHFE zinc prices opened high, but went lower, with three-month contracts closing at RMB 15,855/mt, up 3.42%. Technically, zinc prices will move upward further, but supply surplus will limit the upward movement for futures price to certain extent.
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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