|Shanghai Spot Metal Quote (SHMET)||More|
|Jun 04 2010|
|Copper||53200-53550||-550||b 200/b 350|
|Aluminum||14530-14570||-80||c 30/b 10|
|1#Zinc||14250-14350||-550||c 245/c 145|
|0#Zinc||14300-14400||-550||c 195/c 95|
Shanghai 0#Zinc is quoted between RMB 14300 and 14400 per tonne, down RMB 550 per tonne, with trading from RMB 195 to 95 contango; 1#Zinc is quoted between RMB 14250 and 14350 per tonne, down RMB 550 per tonne, with trading from RMB 245 to 145 contango. Both Euro debt crisis and the news of house property tax in China dragged down SHFE Zinc to one-side dropping trend this week. Nowadays, insiders are continued to worry about market and spot market is thin. Both trading volume and price has drafted lower.
“ The dropping trend is still strengthening on the metal market. Owing to reaching the lowest price in this year, some downstream consumers are willing to purchase goods, but the volume is not very large.” Some zinc trader said to SHMET.
“ We are doing short-term investment now and sold 260 tonnes of goods at RMB 14380 per tonne. Insiders are lack of confidence and hold pessimistic attitude toward the near-future market.” Another zinc trader said to SHMET.
more analysis please visit at http://en.shmet.com
SHMET History Data for Zinc (from2001 to 2010) please visit at http://en.shmet.com/Data/Data.aspx?metal=5&year=2010
Disclosure: no positons