SMM Brief on SHFE Zinc Futures (2013-3-5)

SHANGHAI, Mar. 5 (SMM) – The Shanghai Composite Index ended the day 2.33% higher at 2,326.31 points on Tuesday, recovering most of the losses incurred yesterday. During Asian trading hours, LME zinc staged a strong rebound, giving a lift to SHFE zinc prices. SHFE 1306 zinc contracts, the most active one, started slightly lower at RMB 15,400/mt, but later trended up, moving in the range of RMB 15,435-15,460/mt in the morning session. SHFE 1306 zinc contract prices advanced further to RMB 15,520/mt near the end of the morning trading as longs jumped in, and fluctuated within RMB 15,485-15,500/mt in the afternoon. Finally, SHFE zinc for June delivery finished RMB 55/mt or 0.36% higher at RMB 15,485/mt. Trading volumes decreased 18,484 lots to 72,024 lots, while positions increased 4,168 lots to 96,938 lots.