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[Zn] SMM Morning Review - 2009/10/30 Zinc Market
SHANGHAI, Oct. 30 (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. 29th
|
2,260
|
-26
|
70,644
|
245,833
|
427,650
|
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. 29th
|
16,150
|
16,195
|
16,266
|
1:6.8285
|
|
|
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. 29th
|
16,465
|
16,505
|
16,710
|
16,100
|
Summary
On Thursday, Shanghai #0 zinc was traded at RMB 16,100-16,150/mt, and #1 zinc was traded at RMB 16,050-16,100/mt, SHFE zinc prices tracked the downward trend of LME zinc prices, raising downstream purchasing interest, and zinc spot market sentiment was brisk as a result, but market players remained optimistic about price outlook. Guangdong #0 zinc was traded at RMB 16,050/mt, and #1 zinc was traded at RMB 16,000/mt, and discounts for limited high-quality zinc ranged between RMB 20-50/mt. The trading sentiment improved in spot market.
As to futures market, SHFE zinc prices opened low and went lower. SHFE three-month contract zinc prices closed at RMB 16,610/mt, down 3.3%, and positions declined by 9,452 lots to 149,000 lots, and SHFE zinc prices are expected to consolidate in the RMB 16,000-17,000/mt range in the short term.
Last night, the US Department of Commerce reported that the gross domestic product (GDP) in 3Q grew by 3.5%, the highest growth rate since 3Q 2007, while previous forecast was a growth rate of 3.3%. The positive US GDP data triggered investor optimism over global economic recovery, and they increased purchases of commodities as a result, driving up metal prices. In this context, LME zinc prices increased by 2.4% to USD 2,260/mt, with both positions and trading volumes up markedly. However, zinc prices are expected to move in a narrow range in the near future after wide fluctuation during this week.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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