SMM Brief on SHFE Zinc Futures (2013-1-16)-Shanghai Metals Market

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SMM Brief on SHFE Zinc Futures (2013-1-16)

Price Review & Forecast 05:03:05PM Jan 16, 2013 Source:SMM

SHANGHAI, Jan. 16 (SMM) – LME zinc prices overnight stopped falling and rallied at the end of trading, but closed with declines. SHFE 1304 zinc contract prices opened at RMB 15,225/mt, inching up in the morning trading and touching RMB 15,300/mt. But with strong resistance at the 60-day moving average, SHFE 1304 zinc contract prices inched down. As the Shanghai Composite remained weak and since short momentum soared, SHFE 1304 zinc contract prices dipped to an intraday low of RMB 15,170/mt but found support at RMB 15,200/mt. Finally, SHFE 1304 zinc contract prices rebounded at the end of trading and closed at RMB 15,265/mt, down RMB 15/mt or 1.56%. Total position decreased by 7,548 lots to 103,290 lots.
 

SMM Brief on SHFE Zinc Futures (2013-1-16)

Price Review & Forecast 05:03:05PM Jan 16, 2013 Source:SMM

SHANGHAI, Jan. 16 (SMM) – LME zinc prices overnight stopped falling and rallied at the end of trading, but closed with declines. SHFE 1304 zinc contract prices opened at RMB 15,225/mt, inching up in the morning trading and touching RMB 15,300/mt. But with strong resistance at the 60-day moving average, SHFE 1304 zinc contract prices inched down. As the Shanghai Composite remained weak and since short momentum soared, SHFE 1304 zinc contract prices dipped to an intraday low of RMB 15,170/mt but found support at RMB 15,200/mt. Finally, SHFE 1304 zinc contract prices rebounded at the end of trading and closed at RMB 15,265/mt, down RMB 15/mt or 1.56%. Total position decreased by 7,548 lots to 103,290 lots.