SMM Brief on SHFE Zinc Futures (2013-10-17)-Shanghai Metals Market

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SMM Brief on SHFE Zinc Futures (2013-10-17)

Price Review & Forecast 05:02:13PM Oct 17, 2013 Source:SMM

SHANGHAI, Oct. 17 (SMM) – SHFE 1401 zinc contract prices opened RMB 60/mt at RMB 14,975/mt, and then touching RMB 15,005/mt. But as a large number of longs left the market after profit-taking, SHFE zinc prices rolled back early gains and extended declines in the afternoon. The Shanghai Composite Index fell below 2200, dragging down SHFE zinc prices to fall below RMB 14,900/mt, closing at RMB 14,890/mt, down RMB 25/mt or 0.17%. Trading volumes decreased by 5,900 lots, to 41,696 lots, and total positions decreased by 9,114 lots, to 130,306 lots. US debt ceiling issue moved toward resolving as the Senate and Republican Party reached an agreement to raise debt ceiling and allow US government to reopen. But as the market had been optimistic, SHFE zinc prices did not find support.
 

Key Words:  zinc prices  

SMM Brief on SHFE Zinc Futures (2013-10-17)

Price Review & Forecast 05:02:13PM Oct 17, 2013 Source:SMM

SHANGHAI, Oct. 17 (SMM) – SHFE 1401 zinc contract prices opened RMB 60/mt at RMB 14,975/mt, and then touching RMB 15,005/mt. But as a large number of longs left the market after profit-taking, SHFE zinc prices rolled back early gains and extended declines in the afternoon. The Shanghai Composite Index fell below 2200, dragging down SHFE zinc prices to fall below RMB 14,900/mt, closing at RMB 14,890/mt, down RMB 25/mt or 0.17%. Trading volumes decreased by 5,900 lots, to 41,696 lots, and total positions decreased by 9,114 lots, to 130,306 lots. US debt ceiling issue moved toward resolving as the Senate and Republican Party reached an agreement to raise debt ceiling and allow US government to reopen. But as the market had been optimistic, SHFE zinc prices did not find support.
 

Key Words:  zinc prices