SHANGHAI, Aug. 25 (SMM) – SHFE 1410 zinc contract prices opened at RMB 16,845/mt last Friday evening, then fell to the 5-day moving average as a large number of longs left the market on falling LME zinc prices, and closing at RMB 16,735/mt, down RMB 135/mt or 0.8%. Trading volumes decreased by 10,562 to 238,450 lots, and total positions grew by 102 to 216,468 lots.
SHFE 1410 zinc contract prices opened at RMB 16,735/mt on Monday. As the LME market is closed today due to the summer bank holiday, SHFE 1410 zinc contract prices dropped initially then rose, dipping to RMB 16,660/mt in the morning. But since a large number of bargain hunters entered the market, SHFE 1410 zinc contract prices rallied to RMB 16,700/mt, and hovered around RMB 16,750/mt in the afternoon, closing at RMB 16,740/mt, down RMB 130/mt or 0.77%. Trading volumes decreased by 134,966 lots, to 396,736 lots, and total positions decreased by 16,812 lots to 199,554 lots. SHFE 1410 zinc contract prices are expected to move sideways this evening with the lack of directions from the LME market.