SMM Brief on SHFE Zinc Futures (2013-6-20)-Shanghai Metals Market

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SMM Brief on SHFE Zinc Futures (2013-6-20)

Price Review & Forecast 05:29:34PM Jun 20, 2013 Source:SMM

SHANGHAI, Jun. 20 (SMM) – SHFE 1310 zinc contracts became the most actively traded contracts today, opening RMB 60/mt lower at RMB 14,480/mt as LME zinc prices opened low and moved lower. HSBC's June PMI for China deteriorated, triggering concerns over China's demand for zinc. SHFE 1310 zinc contract prices pulled down to RMB 14,450/mt. The Shanghai Composite Index dipped to 2,082.82, a new low since last December, with daily losses of 2.77%. LME zinc prices lost USD 1,850/mt, weighing down SHFE zinc prices. As large numbers of shorts rushed to the market, SHFE zinc prices once dipped to RMB 14,355/mt, hitting a record low from mid-April, and finally closing at RMB 14,380/mt, down RMB 160/mt, or 1.1%. Trading volumes of SHFE 1309 zinc contracts increased by 37,686 lots, to 68,656 lots, and positions increased by 17,384 lots to 124,756 lots.
 

SMM Brief on SHFE Zinc Futures (2013-6-20)

Price Review & Forecast 05:29:34PM Jun 20, 2013 Source:SMM

SHANGHAI, Jun. 20 (SMM) – SHFE 1310 zinc contracts became the most actively traded contracts today, opening RMB 60/mt lower at RMB 14,480/mt as LME zinc prices opened low and moved lower. HSBC's June PMI for China deteriorated, triggering concerns over China's demand for zinc. SHFE 1310 zinc contract prices pulled down to RMB 14,450/mt. The Shanghai Composite Index dipped to 2,082.82, a new low since last December, with daily losses of 2.77%. LME zinc prices lost USD 1,850/mt, weighing down SHFE zinc prices. As large numbers of shorts rushed to the market, SHFE zinc prices once dipped to RMB 14,355/mt, hitting a record low from mid-April, and finally closing at RMB 14,380/mt, down RMB 160/mt, or 1.1%. Trading volumes of SHFE 1309 zinc contracts increased by 37,686 lots, to 68,656 lots, and positions increased by 17,384 lots to 124,756 lots.