Chinese Zinc Scrap prices decline in line with SHFE Zinc

CHINA December 17 2015 4:45 PM

SHANGHAI (Scrap Register): Chinese zinc scrap prices declined on Scrap Register Price Index as on Wednesday, while zinc futures prices at Shanghai Futures Exchange settled lower as the zinc market had a surplus of 213,000 tons for the first 10 months, versus a deficit of 242,000 tons a year ago, data showed.

According to the Scrap Register Price Index, the major Chinese zinc scrap commodities like zinc scrap, zinc die cast (old) and zinc die cast with lead traded down on Wednesday.

However, the most active 1602 zinc contract on the Shanghai Futures Exchange settled lower by 195 yuan per ton to 12,675 yuan per ton on Wednesday from the previous close of 12,825 yuan per ton. The SHFE aluminum prices touched an intra-day high of 12,745 yuan per ton and an intra-day low of 12,600yuan per ton during Wednesday.

From data side U.S. housing starts in November rebounded from a seven-month low and permits surged to a five-month high, signs of strength in the economy as the Federal Reserve starts raising interest rates after years of easy monetary policy.