SMM base metal spot trading daily review on April 3

2015-04-04

Overnight market sentiment cooled, with significant selling pressure above LME zinc. Prices opened higher at $2111/ton but fell throughout the session, hitting a low of $2076/ton and erasing the previous day's gains. The final price was $2080.5/ton, down $1.3/ton. LME zinc is closed today for Good Friday. The LME market will also be closed next Monday. Overnight, the main contract of SHFE zinc opened higher at 16050 yuan/ton, driven by the external market. Prices gradually rose during the session, reaching a high of 16195 yuan/ton, before closing at 16130 yuan/ton, up 140 yuan/ton (0.88%). Trading volume was [original text]

　　Overnight market sentiment cooled, with significant selling pressure above LME zinc. Prices opened higher at $2111/ton but fell throughout the day due to short selling, eventually reaching a low of $2076/ton. This wiped out the previous day's gains, closing at $2080.5/ton, down $1.3/ton. LME zinc markets are closed today for Good Friday. The LME will also be closed next Monday.

Overnight, the main SHFE zinc contract opened higher at 16050 yuan/ton, driven by the overseas market. Prices gradually rose throughout the session, reaching a high of 16195 yuan/ton before closing at 16130 yuan/ton, up 140 yuan/ton (0.88%). Trading volume increased by 42340 lots to 91248 lots, and open interest increased by 8302 lots to 133072 lots. Today, the main SHFE zinc 1506 contract opened at 16135 yuan/ton. With the LME closed and lacking overseas market guidance, SHFE zinc maintained a relatively strong, oscillating trend between 16100-16160 yuan/ton. Prices remained above the 60-day moving average, eventually closing at 16160 yuan/ton, up 179 yuan/ton (1.06%). Trading volume increased by 46874 lots to 149792 lots, and open interest increased by 8372 lots to 133142 lots. The main SHFE zinc contract showed an increase in volume and open interest, filling the previous gap and breaking through the 60-day moving average. The upward momentum is strong, and further gains are expected in the short term.

Today, the mainstream transaction price for 0# zinc was 15840-15870 yuan/ton, at a discount of 120-90 yuan/ton to the main SHFE zinc 1506 contract. 1# zinc traded at 15750-15760 yuan/ton. SHFE zinc fell by about 90 yuan/ton compared to yesterday, and spot zinc transactions improved slightly, with the discount narrowing slightly and the price difference between brands gradually narrowing. Some holders had limited supply, speculators bought at low prices, and the supply of ordinary brands decreased. The discount, which started at 120 yuan/ton in the morning, narrowed to around 100 yuan/ton. With the beginning of the month, financial pressure decreased, and downstream purchasing activity increased slightly, leading to a slight improvement in market transactions compared to yesterday. Chihong 0# zinc traded at 15860-15880 yuan/ton, at a discount of 90-70 yuan/ton to the 1506 contract; Shuangyan 0# zinc traded at 15850-15870 yuan/ton, at a discount of 100-90 yuan/ton to the 1506 contract; Yuguang 0# zinc traded at 15850-15860 yuan/ton, at a discount of 100 yuan/ton to the 1506 contract; ordinary brands such as Qin zinc and Qilin traded at 15840-15850 yuan/ton, at a discount of 120-100 yuan/ton to the 1506 contract; SMC 0# zinc traded at 15820-15840 yuan/ton, at a discount of 130-100 yuan/ton to the 1506 contract; YP 0# zinc traded at 15790-15800 yuan/ton, at a discount of 160 yuan/ton to the 1506 contract; imported zinc from India traded at 15750-15760 yuan/ton, at a discount of 190 yuan/ton to the 1506 contract. In the afternoon, the main SHFE zinc contract rose slightly to 16110-16160 yuan/ton, with cautious trading before the holiday.

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