SMM Brief on SHFE Zinc Futures (2013-1-17)

SHANGHAI, Jan. 17 (SMM) – LME zinc prices overnight rebounded after dipping to a record low at the end of trading. SHFE 1304 zinc contract prices opened at RMB 15,245/mt, touching RMB 15,275/mt and then inching down below moving averages, and then fluctuating narrowly between RMB 15,225-15,240/mt. SHFE 1304 zinc contract prices rebounded after dipping to USD 15,195/mt in the afternoon, but met resistance at RMB 15,265/mt, and finally closed at RMB 15,265/mt, up RMB 20/mt. The price range of SHFE 1304 zinc contract prices was RMB 80/mt during the day, showing investors were very cautious before the release of China's major economic data. Total position decreased by 1,504 lots to 101,786 lots.