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

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

Price Review & Forecast 06:02:17PM Jan 17, 2013 Source:SMM

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.
 

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

Price Review & Forecast 06:02:17PM Jan 17, 2013 Source:SMM

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.