SMM Brief on SHFE Zinc Futures (2013-2-5)-Shanghai Metals Market

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SMM Brief on SHFE Zinc Futures (2013-2-5)

Price Review & Forecast 05:35:16PM Feb 05, 2013 Source:SMM

SHANGHAI, Feb. 5 (SMM) – LME zinc prices overnight closed up slightly, but were still sluggish, with the US dollar index strengthening. SHFE 1305 zinc contract prices opened RMB 95/mt lower at RMB 16,100/mt, and generally moved around the 5-day moving average in the morning trading. As LME zinc prices dropped further, shorts began to sell goods, despite rising Shanghai Composite. In this context, SHFE 1305 zinc contract prices dropped further and closed at RMB 15,985/mt, down RMB 210/mt, or 1.3%. Trading volumes of SHFE 1305 zinc contract decreased by 16,330 lots, to 137,510 lots, and total position decreased by 8,288 lots to 129,222 lots. Total position decreased by 8,686 lots to 173,770 lots.
 

Key Words:  LME zinc prices 

SMM Brief on SHFE Zinc Futures (2013-2-5)

Price Review & Forecast 05:35:16PM Feb 05, 2013 Source:SMM

SHANGHAI, Feb. 5 (SMM) – LME zinc prices overnight closed up slightly, but were still sluggish, with the US dollar index strengthening. SHFE 1305 zinc contract prices opened RMB 95/mt lower at RMB 16,100/mt, and generally moved around the 5-day moving average in the morning trading. As LME zinc prices dropped further, shorts began to sell goods, despite rising Shanghai Composite. In this context, SHFE 1305 zinc contract prices dropped further and closed at RMB 15,985/mt, down RMB 210/mt, or 1.3%. Trading volumes of SHFE 1305 zinc contract decreased by 16,330 lots, to 137,510 lots, and total position decreased by 8,288 lots to 129,222 lots. Total position decreased by 8,686 lots to 173,770 lots.
 

Key Words:  LME zinc prices