SMM Brief on SHFE Zinc Futures (2013-1-14)

SHANGHAI, Jan. 14 (SMM) – LME zinc prices last Friday plunged. SHFE 1304 zinc contract prices opened lower at RMB 15,410/mt, and plummeted to an intraday low of RMB 15,330/mt due to increasing selloffs in the morning trading. But as the Shanghai Composite soared to 2,300, SHFE 1304 zinc contract prices climbed to RMB 15,495/mt. The Shanghai Composite continued to rise later in the day, with increases exceeding 3%. But SHFE 1304 zinc contract prices lacked upward momentum and fluctuated narrowly between RMB 15,430-15,450/mt, and finally closed at RMB 15,455/mt, down RMB 75/mt. Total position increased by 3,352 lots to 95,472 lots.