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Zinc price remains under pressure

Date 11/8/2018 5:32:59 PM Source: SHMET

SHANGHAI, Nov 8 (SHMET) – On November 8, SHFE zinc grew from lows. Cargo holders held offers firm due to low supplies of spot domestic ordinary zinc brands. Downstream producers had low buying interest. Zinc price is likely to remain under pressure.

On November 8, zinc price fell sharply in the morning. SHFE zinc 1812 contract was still down 1.07 % from the settlement price of November 6 after a rise in the afternoon, the worst performer in the non-ferrous sector. Spot premium rose as SHFE zinc fell. Zinc price is likely to remain under pressure.

Spot zinc prices were offered at 21,860-22,960 yuan/mt, down 10 yuan/mt from the previous trading day, and at a premium of 500-600 yuan/mt compared with SHFE zinc 1812 contract. 1# zinc was offered at 21,800-21,900 yuan/mt, down 10 yuan/mt from a day earlier, and at a premium of 440-540 yuan/mt compared with SHFE zinc 1812 contract. For imported brands, SMC brand zinc ingots were offered at a premium of 150 yuan/mt against 1811 contract. AZ zinc ingots were offered at a premium of 100-120 yuan/mt against 1811 contract. Spanish and Peruvian zinc ingots were offered at a discount of 30-50 yuan/mt against 1811 contract.

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