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SHMET Spot Market Briefing 20100602-Zinc

2-Jun-10
Metals Price(RMB/T) Change b/c
Copper 53800-54400 -500 b 100/b 250
Aluminum 14780-14820 -120 b 30/b 70
Lead 14500-14700 -100  
1#Zinc 15100-15300 -350 b 75/b 275
0#Zinc 15150-15350 -350 b 125/b 325
Tin 141500-143000 flat  
Nickel 164000-165000 -5000  



6/2/2010 2:12:05 PM

Zinc
Shanghai 0#Zinc is quoted between RMB 15150 and 15350 per tonne, down RMB 350 per tonne, with trading from RMB 125 to 325 backwardation; 1#Zinc is quoted between RMB 15100 and 15300 per tonne, down RMB 350 per tonne, with trading from RMB 75 to 275 backwardation. Euro debt crisis hasn’t been relieved now, what has put strong pressure on the metal market in the future. The news about Chinese property reform on tax also dampened confidence on capital market. Spot zinc price has been quoted following SHFE price today. It is estimated that zinc price will consolidate at a lower level in the short term.

“ Because insiders are all pessimistic about the near-future market, we are willing to sell goods even though the price drift lower again and hope that we can sell more goods. We have sold more than 150 tonnes of regular 0#zinc at only RMB 15250 per tonne.” Some zinc trader said to SHMET.

“ It is hard to say how the bottom will be. Poor market trend continued to limit the rebound room and the consumption was becoming cooler. Our sales has been thin for more than a month.” Another zinc trader said to SHMET.

 

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