SMM Brief on SHFE Zinc Futures (2013-3-1)

Mar 1, 2013 17:45

As LME zinc prices overnight plunged, SHFE 1305 zinc contract prices opened lower at RMB 15,560/mt.

SHANGHAI, Mar. 1 (SMM) – As LME zinc prices overnight plunged, SHFE 1305 zinc contract prices opened lower at RMB 15,560/mt, and then generally moved between RMB 15,520-15,535/mt. Since China’s February PMI fell to 50.1, LME zinc prices dipped to USD 2,056.8/mt. Investor confidence was depressed, and short momentum thus strengthened. SHFE three-month zinc contract prices struggled around RMB 15,445/mt near the end of the morning trading, and closed at RMB 15,460/mt, down RMB 195/mt, or 1.25%. Trading volumes of SHFE 1305 zinc contract decreased by 5,266 lots, to 45,442 lots, and total position decreased by 7,162 lots to 104,214 lots.

LME zinc prices

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SMM Brief on SHFE Zinc Futures (2013-3-1)

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