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[Zn] SMM Morning Review - 2009/10/16 Zinc Market
SHANGHAI, Oct. 16 (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. 15th
|
2,045
|
-21
|
40,346
|
243,130
|
428,200
|
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. 15th
|
15,580
|
15,665
|
15,217
|
1:6.8267
|
|
|
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. 15th
|
15,810
|
15,920
|
15,250
|
15,575
|
Summary
On Thursday, 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 were general, and purchases by downstream manufacturers were limited. Guangdong #0 zinc was traded at RMB 15,400/mt, and #1 zinc was traded at RMB 15,350/mt. Today is the last trading day before delivery date, and the market sentiment was weak, and transactions were slim.
As to futures market, yesterday SHFE zinc prices opened high and went lower, and trading volume dropped slightly, as today is the last trading day before the delivery date, and a large number of hedges depressed SHFE zinc prices.
The Central Bank announced on October 14th that China's new loans increased by RMB 516.7 billion in September, higher than previous market forecast of RMB 300-400 billion. The broad measure of money supply (M2) stood at RMB 58.54 trillion, up 29.31% YoY, with 11.49 percentage points higher than the growth rate at the end of 1H 2009. The big figure has wiped out the market expectations with regard to the contraction of monetary policy, which will be positive for stock markets and bulk commodity prices in the short term. The General Administration of Customs announced on October 14th that China's total value of imports and exports in September reached USD 218.94 billion, down 10.1% YoY, but up 14.2% MoM. Both imports and exports exceeded USD 100 billion, helping improve the market expectations of future metal demand dramatically.
SHFE three-month contract zinc prices dropped to RMB 15,915/mt, and positions declined by 10,548 lots despite of increased market expectations of future metal demand, which exerted downward pressure on future zinc prices.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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