SMM Brief on SHFE Zinc Futures (2013-6-17)

SHANGHAI, Jun. 17 (SMM) – SHFE 1309 zinc contract prices opened RMB 20/mt higher at RMB 14,530/mt, boosted by LME zinc prices. IMF anticipates that the US Federal Reserve will maintain massive assets purchasing plan until at least late 2013, helping ease market concerns and driving shorts out of the market. In this context, SHFE zinc prices rose after opening, encountering resistance at RMB 14,600/mt, touching as high as RMB 14,610/mt, and closing at RMB 14,580/mt, up RMB 70/mt or 0.48%.

Trading volumes of SHFE 1309 zinc contracts decreased by 19,038 lots, to 24,258 lots, and positions decreased by 946 lots to 120,498 lots. Trading volumes of SHFE 1310 zinc contracts decreased by 14,824 lots, to 24,876 lots, and total positions increased by 4,142 lots to 90,822 lots.
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