SHFE Zinc Prices Weighed by Downbeat Economic Indicators; then Level Off (Aug. 21, 2014)-Shanghai Metals Market

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SHFE Zinc Prices Weighed by Downbeat Economic Indicators; then Level Off (Aug. 21, 2014)

Price Review & Forecast 05:25:14PM Aug 21, 2014 Source:SMM

SHANGHAI, Aug. 21 (SMM) – LME nickel prices opened at USD 18,635/mt, struggling between the 5 and 10-day moving average, with transactions muted. The US dollar index rose on the release of Fed’s meeting minutes, but base metals prices increased across the board.

SHFE 1410 zinc contract prices opened at RMB 16,880/mt on Thursday. A large number of longs left the market after profit-taking, and HSBC’s August PMI hit a three-month low, pushing down SHFE 1410 zinc contract prices to RMB 16,750/mt. But as some bargain  hunters entered the market, SHFE 1410 zinc contract prices fluctuated between 16,760-16,830/mt, and closing at RMB 16,830/mt, up RMB 180/mt or 1.08%. Trading volumes decreased by 81,376 lots, to 461,768 lots, and total positions decreased by 10,434 lots to 223,388 lots. SHFE 1410 zinc contract prices are expected to meet resistance at the 20-day moving average.

 

Key Words:  nickel prices 

SHFE Zinc Prices Weighed by Downbeat Economic Indicators; then Level Off (Aug. 21, 2014)

Price Review & Forecast 05:25:14PM Aug 21, 2014 Source:SMM

SHANGHAI, Aug. 21 (SMM) – LME nickel prices opened at USD 18,635/mt, struggling between the 5 and 10-day moving average, with transactions muted. The US dollar index rose on the release of Fed’s meeting minutes, but base metals prices increased across the board.

SHFE 1410 zinc contract prices opened at RMB 16,880/mt on Thursday. A large number of longs left the market after profit-taking, and HSBC’s August PMI hit a three-month low, pushing down SHFE 1410 zinc contract prices to RMB 16,750/mt. But as some bargain  hunters entered the market, SHFE 1410 zinc contract prices fluctuated between 16,760-16,830/mt, and closing at RMB 16,830/mt, up RMB 180/mt or 1.08%. Trading volumes decreased by 81,376 lots, to 461,768 lots, and total positions decreased by 10,434 lots to 223,388 lots. SHFE 1410 zinc contract prices are expected to meet resistance at the 20-day moving average.

 

Key Words:  nickel prices