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[Zn] SMM Morning Review - 2009/11/2 Zinc Market
SHANGHAI, Nov. 2 (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. 30th
|
2,195
|
-26
|
63,212
|
251,440
|
428,925
|
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. 30th
|
16,450
|
16,470
|
16,271
|
1:6.8281
|
|
|
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. 30th
|
16,830
|
16,805
|
16,716
|
16,300
|
Summary
On Friday, Shanghai #0 zinc was traded at RMB 16,300/mt, and #1 zinc and imported zinc were traded at RMB 16,250/mt, the price gap between different brands zinc ingot narrowed, restricting the cargo movement of high-end zinc ingot. The transactions were general in spot market. The purchases by downstream manufacturers increased significantly during the last two trading days of last week due to zinc price increases and stock replenishment for weekend. Guangdong #0 zinc was traded at RMB 16,250-16,300/mt, and #1 zinc and imported zinc were traded at RMB 16,200-16,250/mt, and overall trading sentiment was moderate.
As to futures market, SHFE zinc prices opened high and fluctuated. SHFE three-month contract zinc prices regained lost ground, and closed at RMB 16,830/mt, up 2%, but the trading volumes declined by 66,730 lots, and positions also declined by 140,000 lots, and overall trading sentiment was slim. Last Friday, SHFE zinc inventories increased significantly by 27.8kt, and SHFE zinc prices are expected to fluctuate around RMB 16,500/mt in the near future.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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