SHANGHAI, Aug. 7 (SMM) – SHFE 1410 zinc contract prices opened lower at RMB 16,755/mt on Wednesday evening, and rallied to RMB 16,880-16,940/mt due to strong long momentum, and closing at RMB 16,905/mt. Trading volumes grew by 34,100 to 262,180 lots, and total positions increased by 10,204 to 284,130 lots.
SHFE 1410 zinc contract prices opened at RMB 16,900/mt on Thursday, and edged up to an intraday high of RMB 17,040/mt due to rising LME zinc prices, but met resistance at the 10-day moving average, and closed at RMB 16,960/mt, up RMB 40/mt or 0.24%. Trading volumes increased by 79,950 lots, to 505,750 lots, and total positions decreased by 7,980 lots to 265,946 lots. SHFE 1410 zinc contract prices met resistance at the 10-day moving average, and are expected to test support from the 20-day moving average this evening. As LME zinc prices weakened during European trading hours, SHFE 1410 zinc contract prices should test support from the 5 and 20-day moving average this evening.