SMM Brief on SHFE Zinc Prices (2013-2-21)

SHANGHAI, Feb. 21 (SMM) – The most active SHFE zinc contract opened slightly lower at RMB 15,885/mt due to overnight LME zinc price decline. Later, the enter of shorts weighed SHFE zinc prices to struggle around RMB 15,700/mt. During the Asian stock market, China’s stock market plunged to lose support at 20-day moving average and 30-day moving average, down 2.97%, paring early gains. At the tail of the trading, SHFE zinc prices extended losses to lose support at RMB 157,000/mt and hit a low at RMB 15,525/mt. Later, SHFE zinc prices regained some losses to close at RMB 15,640/mt, down RMB 260/mt from a day earlier. Trading volumes increased by 65,518 lots to 187,662 mt. Positions increased by 32,182 lots to 139,248 lots.