SMM Brief on SHFE Zinc Futures (2013-3-19)

SHANGHAI, Mar. 19 (SMM) – SHFE 1306 zinc contract prices opened unchanged from yesterday at RMB 14,900/mt on Tuesday, and moved within RMB 14,905-14,925/mt in the morning session. LME zinc prices tumbled at mid-day, causing shorts to flood into SHFE zinc markets in the afternoon and driving the most active SHFE zinc contracts to a low of RMB 14,815/mt. Finally, SHFE zinc for June delivery closed at RMB 14,850/mt, down RMB 45/mt or 0.3%. Trading volumes decreased to 75,294 lots, while positions were down 2,144 lots to 139,474 lots. Short selling eased, with both longs and shorts taking a wait-and-see stance.