SMM Brief on SHFE Zinc Futures (2013-3-13)

SHANGHAI, Mar. 13 (SMM) – SHFE 1306 zinc contract prices opened at RMB 15,275/mt, standing above the 5-day moving average. Due to the news that the State Reserve will build zinc reserves, SHFE zinc prices only dropped by RMB 15,240/mt in the morning trading, and then climbed to RMB 15,330/mt, despite the Shanghai Composite fell immediately following opening. In the afternoon, SHFE 1306 zinc contract prices generally fluctuated between RMB 15,280-15,310/mt in the afternoon, and finally closed at RMB 15,290/mt, up RMB 75/mt, or 0.72%. Total position decreased by 3,138 lots to 122,866 lots.