SMM Brief on SHFE Zinc Futures (2013-6-26)-Shanghai Metals Market

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SMM Brief on SHFE Zinc Futures (2013-6-26)

Price Review & Forecast 04:36:34PM Jun 26, 2013 Source:SMM

SHANGHAI, Jun. 26 (SMM) – SHFE 1310 zinc contract prices opened RMB 100/mt higher at RMB 14,435/mt, as LME zinc prices overnight closed the day with gains. The Shanghai Composite Index stopped rebounding and closed with declines of 0.41%, and LME zinc prices also inched down, with a large number of longs leaving the market. SHFE zinc prices touched USD 14,500/mt before falling, dipping to RMB 14,305/mt and finally closing at RMB 14,315/mt, down RMB 20/mt or 0.14%. Trading volumes decreased by 2,914 lots, to 77,182 lots, and total positions increased by 10,506 lots to 158,128 lots.

SHFE zinc prices found strong support at RMB 14,300/mt, but will continue to fall as copper prices remain sluggish and since domestic cash flows did not improve.
 

SMM Brief on SHFE Zinc Futures (2013-6-26)

Price Review & Forecast 04:36:34PM Jun 26, 2013 Source:SMM

SHANGHAI, Jun. 26 (SMM) – SHFE 1310 zinc contract prices opened RMB 100/mt higher at RMB 14,435/mt, as LME zinc prices overnight closed the day with gains. The Shanghai Composite Index stopped rebounding and closed with declines of 0.41%, and LME zinc prices also inched down, with a large number of longs leaving the market. SHFE zinc prices touched USD 14,500/mt before falling, dipping to RMB 14,305/mt and finally closing at RMB 14,315/mt, down RMB 20/mt or 0.14%. Trading volumes decreased by 2,914 lots, to 77,182 lots, and total positions increased by 10,506 lots to 158,128 lots.

SHFE zinc prices found strong support at RMB 14,300/mt, but will continue to fall as copper prices remain sluggish and since domestic cash flows did not improve.