SHFE Zn price down 2.4% on market pessimism, weak demand
Nov 27, 2018 18:00
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The most-traded zinc January contract on the Shanghai Futures Exchange lost Yuan 485/tonne ($69.8/t) or 2.4% on day to close the daytime session at Yuan 20,055/t as of November 27, posting the most substantial contraction among all the core base metals on SHFE following the declines on the London Metal Exchanges (LME) overnight and reflecting the feeble demand from Chinese galvanized steel mills.
On Monday, LME’s zinc cash settlement price declined for the fourth consecutive day, down a total of $138/t in the roll to $2,560/t.
The 99.995% grade zinc price in the physical market showed a similar trend, down Yuan 458/t or 2.1% onday, or Yuan 1,065/t or 4.8% on week to Yuan