SMM Brief on SHFE Zinc Futures (2013-1-15)

SHANGHAI, Jan. 15 (SMM) – LME zinc prices overnight plunged. SHFE 1304 zinc contract prices opened lower at RMB 15,365/mt, and generally fluctuated around RMB 15,370/mt in the morning trading. But as LME zinc prices slumped at noon, and since short momentum strengthened, SHFE 1304 zinc contract prices slipped below the 60-day moving average, dipping to an intraday low of RMB 15,165/mt after vacillating briefly around RMB 15,240/mt. Finally, SHFE 1304 zinc contract prices closed at RMB 15,175/mt, down RMB 240/mt or 1.56%. Total position increased by 15,366 lots to 110,838 lots.