|Shanghai Spot Metal Quote (SHMET)||More|
|Jun 04 2010|
|Copper||49800-50150||-50||b 50/b 250|
|Aluminum||13790-13830||-50||c 20/b 20|
|1#Zinc||13300-13400||-250||c 215/c 115|
|0#Zinc||13350-13450||-250||c 165/c 65|
Shanghai 0#Zinc is quoted between RMB 13350 and 13450 per tonne, down RMB 250 per tonne, with trading from RMB 165 to 65 contango; 1#Zinc is quoted between RMB 13300 and 13400 per tonne, down RMB 250 per tonne, with trading from RMB 215 to 115 contango. Euro debt crisis seems to be paused for breath and industrial metals cut dropping range last night, but aversion mood and unstable market still put pressure on weaker metals. On the spot market, both sellers and buyers are all holding bearish attitude toward the near-future market. Sellers are active to sell goods, but few buyers are willing to purchase them.
“ The fundamentals of zinc market is weaker than copper and aluminum, which has opened downward room, so the sales is always very thin.” Some zinc trader said to SHMET.
“ The weaker fundamentals of zinc showed that the consumption of market couldn’t be better. RMB 13000 per tonne is an important supporting point, but for the dropping zinc price continuously these days, we don’t know whether the point can be supported. We have mainly sold regular 0#zinc at RMB 13350 per tonne today.” Another zinc trader said to SHMET.
More analysis please visit at http://en.shmet.com
SHMET History Data for the Metal (from2001 to 2010) please visit at http://en.shmet.com/Data/Data.aspx?metal=5&year=2010
The Most authoritative non-ferrous metals index in China—SHMETX please check: http://en.shmet.com/PriceIndex/Shmetx.aspx
Shanghai Metal Price Index, “SHMETX” for short, reflects non-ferrous metals’ spot prices of Shanghai comprehensively, compiled and published by Shanghai Metals Exchange (“SHMET”). Its characteristics are objective, high-efficiency, professional, authoritative, etc. The average prices of sampling varieties can be the standard of quoting prices and reference inside and outside the industry.
Disclosure: no position