SMM Brief on SHFE Zinc Futures (2013-11-7)

SHANGHAI, Nov. 7 (SMM) – SHFE 1401 zinc contract prices opened at RMB 14,940/mt, and inched up to RMB 14,975/mt as a large number of longs entered the market. But with the lack of buying interest, SHFE zinc prices leveled out between RMB 14,970-14,985/mt, finding support at the 60-day moving average, and closing at RMB 14,975/mt. Trading volumes decreased by 2,470 lots, to 18,098 lots, and total positions increased by 1,646 lots, to 110,000 lots. The market is awaiting the release of US October non-farm employment data and the opening of the Third Plenary Session of the CPC Central Committee.