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Home / Metal News / [Zn] SMM Morning Review - 2009/10/14 Zinc Market

[Zn] SMM Morning Review - 2009/10/14 Zinc Market

iconOct 14, 2009 00:00
Source:上海有色金属网

SHANGHAI, Oct. 14 (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. 13th               
2,020
-27
51,046
244,459
430,100

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. 13th              
15,570
15,595
15,141
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. 13th             
15,830
15,845
15,236
15,535

Summary

On Tuesday, Shanghai #0 zinc was traded at RMB 15,520-15,550/mt, and #1 zinc was traded at RMB 15,500/mt, spot transactions were general, and downstream inquiries were relatively active. Guangdong #0 zinc was traded at RMB 15,350-15,400/mt, and #1 zinc and imported zinc were traded at RMB 15,300-15,350/mt. Spot transactions improved slightly, but ample spot supply increased spot zinc discounts.

As to futures market, SHFE zinc prices opened high, and SHFE three-month contract zinc prices climbed to RMB 16,045/mt, but later dropped to RMB 15,965/mt. Total positions increased by more than 5,000 lots. The International Lead and Zinc Study Group (ILZSG) said on October 12th that the global refined zinc surplus will likely drop to 227,000mt in 2010, lower than 2009 forecast of 380,000mt. In this context, long positions began building positions, and SHFE zinc prices are expected to move up 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.

For queries, please contact Lemon Zhao at lemonzhao@smm.cn

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