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SMM Brief on SHFE Zinc Futures (2013-6-5)
Jun 5,2013 17:48CST
price review forecast
Source:SMM
SHFE 1309 zinc contract prices opened higher at RMB 14,870/mt, boosted by LME zinc prices overnight.

SHANGHAI, Jun. 5 (SMM) – SHFE 1309 zinc contract prices opened higher at RMB 14,870/mt, boosted by LME zinc prices overnight. Both the Shanghai Composite Index and LME zinc prices dipped before rallying, so SHFE zinc prices inched down in the morning session, dipping to RMB 14,840/mt, and finding support at the 60-day moving average. In the afternoon, SHFE zinc prices advanced, touching RMB 14,930/mt, closing at RMB 14,915/mt, up RMB 65/mt or 0.44%. Trading volumes of SHFE 1309 zinc contracts decreased by 19,314 lots, to 72,952 lots, and positions decreased by 11,304 lots to 133,228 lots. Trading volumes decreased by 25,784 lots, to 133,614 lots, and total positions decreased by 24,008 lots to 310,252 lots. The SHFE/LME zinc price ratio slid slightly due to weaker domestic zinc prices, causing investors to close positions, with 22.39% of shorts leaving the market. Market players were cautious prior to the release of US ADP job data.
 

SHFE 1309 zinc contract prices

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