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Zinc price rises but remains under pressure

Date 11/9/2018 5:00:37 PM Source: SHMET

SHANGHAI, Nov 9 (SHMET) – Zinc price edged up on November 9. Premium for domestic ordinary zinc brands was higher than November 8. Imported zinc ingots were offered flat against November 8. During the second trading session, some cargo holders lowered premiums and the market trades were low.

On November 9, zinc price inched up. SHFE zinc 1812 contract closed down 440 yuan/mt than that of November 2. Offers for 0# zinc prices, however, rose slightly by 40 yuan/mt from November 2. Lower inventory of zinc ingots supported spot lead price. Zinc price is likely to remain under pressure.

Spot zinc prices were offered at 21,980-22,080 yuan/mt, up 120 yuan/mt from the previous trading day, and at a premium of 520-620 yuan/mt compared with SHFE zinc 1812 contract. 1# zinc was offered at 21,910-21,010 yuan/mt, up 110 yuan/mt from a day earlier, and at a premium of 460-560 yuan/mt compared with SHFE zinc 1812 contract. For imported brands, SMC brand zinc ingots were offered at a premium of 40 yuan/mt against 1811 contract. Namibian zinc ingots were offered at a discount of 70 yuan/mt against 1811 contract.

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