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[Zn] SMM Morning Review - 2009/10/20 Zinc Market

iconOct 20, 2009 00:00

SHANGHAI, Oct. 20 (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. 19th                
2,120
-26.5
34,968
246,494
427,525

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
Weighted Ave.
Oct. 15th             
15,580
15,665
15,217
1:6.8267
Oct. 19th              
15,820
15,825
15,796
1:6.8275
 

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
Weighted Ave.
Oct. 15th             
15,810
15,920
15,250
15,575
Oct. 19th              
16,105
16,100
16,054
15,700

Summary

On Monday, Shanghai #0 zinc was traded at RMB 15,700/mt, and #1 zinc was traded at RMB 15,650/mt. SHFE zinc prices moved up, but inquiries from downstream consumers were limited, and transactions were cautious. Spot market remained neutral. Guangdong #0 zinc was traded at RMB 15,450-15,500/mt, and #1 zinc was traded at RMB 15,400-15,450/mt, the spot market was bearish, and transactions were limited.

As to futures market, SHFE zinc prices opened low but went higher, and SHFE three-month contract zinc prices closed at RMB 16,105/mt, and the trading volume increased sharply, and positions soared by 15,000 lots to 116,800 lots. SHFE zinc prices are expected to rise further in the short term.

 

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