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SMM Brief on SHFE Zinc Futures (2013-7-22)
Jul 22,2013 17:10CST
price review forecast
Source:SMM
SHFE 1310 zinc contract prices opened slightly higher at RMB 14,560/mt. Asian-Pacific stocks mostly rose, with China’s A-shares opening low but moving higher.

SHANGHAI, Jul. 22 (SMM) – SHFE 1310 zinc contract prices opened slightly higher at RMB 14,560/mt. Asian-Pacific stocks mostly rose, with China’s A-shares opening low but moving higher, closing up 0.61%, which boosted market confidence. But longs were cautious ahead of the release of HSBC’s July PMI for China, while shorts left the market after profit-taking, driving up SHFE zinc prices to RMB 14,600/mt, but meeting resistance at the 10-day moving average. Finally, SHFE zinc prices closed at RMB 14,625/mt, up RMB 80/mt or 0.55%. Trading volumes of SHFE 1311 zinc contract increased by 7,994 lots, to 33,736 lots, and total positions decreased by 10,288 lots, to 127,842 lots. Trading volumes increased by 17,572 lots, to 84,694 lots, and total positions increased by 4,232 lots, to 310,968 lots.

 

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