SMM Brief on SHFE Zinc Futures (2013-6-25)-Shanghai Metals Market

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SMM Brief on SHFE Zinc Futures (2013-6-25)

Price Review & Forecast 05:16:54PM Jun 25, 2013 Source:SMM

SHANGHAI, Jun. 25 (SMM) – SHFE 1310 zinc contract prices opened RMB 40/mt lower at RMB 14,310/mt, as LME zinc prices overnight closed the day with sharp declines. The Shanghai Composite Index opened low and moved lower, dipping to 14,310, and depressing market sentiment. Financial markets and commodity prices dropped in response, but SHFE zinc prices were resistant to declines due to cost support, fluctuating around RMB 14,310/mt in the morning. Rumors circulated that the State Council required financial institutions to submit plans to revolve money shortfalls, while Shanghai held the 2013 Lujiazui Forum press conference. In this context, the Shanghai Composite Index rebounded, and finally closed down 0.19%. LME zinc prices challenged the 5-day moving average, boosting market confidence, so SHFE zinc prices rallied in the afternoon, touching RMB 14,420/mt, finally closing at RMB 14,380/mt, up RMB 30/mt or 0.21%. Trading volumes increased by 7,878 lots, to 80,096 lots, and total positions increased by 1,708 lots to 147,622 lots.
 

Price

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1# Zinc
Oct.18
18810.0
-10.0
(-0.05%)
0# Zinc
Oct.18
18880.0
-10.0
(-0.05%)
T/C for domestic zinc concentrate
Oct.01
6325.0
0.0
(0.00%)
T/C for imported zinc concentrate
Oct.01
280.0
0.0
(0.00%)
Zinc Alloy (Zamak3/ZX01)
Oct.18
19780.0
-10.0
(-0.05%)

SMM Brief on SHFE Zinc Futures (2013-6-25)

Price Review & Forecast 05:16:54PM Jun 25, 2013 Source:SMM

SHANGHAI, Jun. 25 (SMM) – SHFE 1310 zinc contract prices opened RMB 40/mt lower at RMB 14,310/mt, as LME zinc prices overnight closed the day with sharp declines. The Shanghai Composite Index opened low and moved lower, dipping to 14,310, and depressing market sentiment. Financial markets and commodity prices dropped in response, but SHFE zinc prices were resistant to declines due to cost support, fluctuating around RMB 14,310/mt in the morning. Rumors circulated that the State Council required financial institutions to submit plans to revolve money shortfalls, while Shanghai held the 2013 Lujiazui Forum press conference. In this context, the Shanghai Composite Index rebounded, and finally closed down 0.19%. LME zinc prices challenged the 5-day moving average, boosting market confidence, so SHFE zinc prices rallied in the afternoon, touching RMB 14,420/mt, finally closing at RMB 14,380/mt, up RMB 30/mt or 0.21%. Trading volumes increased by 7,878 lots, to 80,096 lots, and total positions increased by 1,708 lots to 147,622 lots.