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[Zn] SMM Morning Review - 2009/10/15 Zinc Market
SHANGHAI, Oct. 15 (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. 14th
|
2,034
|
-27
|
46,733
|
246,211
|
429,450
|
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. 14th
|
15,790
|
15,645
|
15,186
|
1:6.8269
|
|
|
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. 14th
|
16,040
|
15,900
|
15,244
|
15,575
|
Summary
On Wednesday, Shanghai #0 zinc was traded at RMB 15,550-15,600/mt, and #1 zinc was traded at RMB 15,500-15,550/mt, spot transactions improved by rising SHFE zinc prices, and the trading sentiment was brisk. Guangdong #0 zinc was traded at RMB 15,350/mt, and #1 zinc was traded at RMB 15,300/mt. SHFE zinc prices climbed to RMB 16,000/mt at noon, but downstream purchasing interest was low, resulting in general overall transactions.
As to futures market, LME metal prices plunged unexpectedly, but domestic prices maintain upward momentum, as China Association of Automobile Manufacturers announced on October 13th that China’s output of automobile was 1.3621 million units during September, up 19.41% MoM; sales of automobile were 1.3318 million units, up 16.98% MoM; China’s production and sales of automobile continued to grow, which will increasing the demand for zinc; in the mean time, the worker strike in Peru will tight supply of zinc concentrate. In this context, SHFE zinc prices are expected to rise further.
Yesterday, SHFE zinc prices opened low and went higher. SHFE three-month contract zinc prices closed at RMB 16,170/mt, and positions increased by 27,584 lots to 114,606 lots, and optimistic market sentiment emerged. SHFE zinc prices are expected to move up to RMB 16,500/mt in the short term.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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