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Zinc-SHMET Spot Market Briefing20130716

Date 7/16/2013 2:55:34 PM Source: SHMET
Jul.16,2013(SHMET)--

The quoted price for Shanghai spot zinc, 14710-14830 rmbs/ton for 0# zinc, with 10 rmbs/ton down. The backwardation are between 35 -155 rmbs/ton. 14630-14750 rmbs/ton for 1#zinc, 10 rmbs/ton down. The contango and the backwardation are 45 and 75 rmbs/ton respectively. London zinc fluctuated and closed lower over night. The strength U.S.dollar and China economic growth slowed brought uncertain to the market. SHFE zinc showed a trend of downward after opened this morning. The bearish sentiment are getting stronger. Domestic spot market is sluggish, the price were lowered slightly. Learned from the traders, the downstream manufacturers just look on and recent trade volume are quite small. In short term, the price for spot zinc is likely to remain range bound.

Edited by SHMET