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SMM Brief on SHFE Zinc Futures (2013-5-23)

iconMay 23, 2013 16:24
Source:SMM
SHFE 1309 zinc contract prices opened at RMB 14,530/mt, and were weighed down between the 5-day and 10-day moving average due to plunging LME zinc prices.

SHANGHAI, May 23 (SMM) – SHFE 1309 zinc contract prices opened at RMB 14,530/mt, and were weighed down between the 5-day and 10-day moving average due to plunging LME zinc prices. HSBC’s May PMI for China unexpectedly slid below 50, when combined with short pressure, SHFE zinc prices fluctuated briefly before dipping below the 5-day moving average. During the second session, SHFE zinc prices rallied with stocks markets, meeting resistance at the 5-day and 10-day moving average. As the Shanghai Composite and LME zinc prices both fell in the afternoon, SHFE zinc prices pulled down to RMB 14,415/mt, closing at RMB 14,445/mt, down RMB 130/mt or 0.89%. Trading volumes increased by 16,864 lots, to 81,354 lots, and total positions increased by 4,086 lots to 151,760 lots.
 

SHFE 1309 zinc contract prices

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