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[Zn] SMM Morning Review - 2009/10/27 Zinc Market
SHANGHAI, Oct. 27 (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. 26th
|
2,290
|
-25
|
45,272
|
240,403
|
426,925
|
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. 26th
|
16,850
|
16,815
|
16,113
|
1:6.8280
|
|
|
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. 26th
|
17,260
|
17,150
|
16,562
|
16,650
|
Summary
On Monday, Shanghai #0 zinc was traded at RMB 16,650/mt, and #1 zinc was traded at RMB 16,600/mt, SHFE zinc prices jumped, depressing downstream buying interest and resulting in lackluster trading sentiment, and struggles between long and short positions intensified. Guangdong #0 zinc was traded at RMB 16,400-16,450/mt, and #1 zinc was traded at RMB 16,300-16,350/mt, downstream consumers were cautious about purchases, and the optimistic sentiment emerged in the market.
As to futures market, SHFE zinc prices opened high and went higher, and SHFE three-month contract zinc prices broke through the previous fluctuation range, and closed at RMB 17,260/mt, up 3.8%. Positions increased significantly by 26,000 lots to 185,000 lots, and the market was bullish. The positive economic data from the Europe and US triggered market expectations of economic recovery and metal demand again, helping support metal prices to climb. In the mean time, the US dollar showed signs of further weakness. SHFE zinc prices are expected to test RMB 17,500/mt in the short term.
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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