SHFE Zinc Prices Finish with Declines (Aug. 29, 2014)-Shanghai Metals Market

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SHFE Zinc Prices Finish with Declines (Aug. 29, 2014)

Price Review & Forecast 06:11:01PM Aug 29, 2014 Source:SMM

SHANGHAI, Aug. 29 (SMM) – SHFE 1411 zinc contract prices opened at RMB 16,840/mt Thursday evening, then dipped to RMB 16,600/mt as a large number of shorts entered the market as LME zinc prices fell, and closing at RMB 16,650/mt, down RMB 200/mt or 1.19%. Trading volumes increased 166,032 lots to 238,220 lots, and total positions grew by 3,508 to 231,910 lots.

SHFE 1411 zinc contract prices opened at RMB 16,650/mt, and then fluctuated between RMB 16,660-16,700/mt. As the Shanghai Composite Index rose, market sentiment improved, driving up SHFE 1411 zinc contract prices, and closing at RMB 16,725/mt, down RMB 125/mt or 0.74%. Trading volumes increased by 180,000 lots, to 397,000 lots, and total positions increased by 15,946 lots to 244,300 lots. SHFE 1411 zinc contract prices are expected to test support from RMB 16,600/mt, dragged down by LME zinc prices.

 

Key Words:  zinc prices 

SHFE Zinc Prices Finish with Declines (Aug. 29, 2014)

Price Review & Forecast 06:11:01PM Aug 29, 2014 Source:SMM

SHANGHAI, Aug. 29 (SMM) – SHFE 1411 zinc contract prices opened at RMB 16,840/mt Thursday evening, then dipped to RMB 16,600/mt as a large number of shorts entered the market as LME zinc prices fell, and closing at RMB 16,650/mt, down RMB 200/mt or 1.19%. Trading volumes increased 166,032 lots to 238,220 lots, and total positions grew by 3,508 to 231,910 lots.

SHFE 1411 zinc contract prices opened at RMB 16,650/mt, and then fluctuated between RMB 16,660-16,700/mt. As the Shanghai Composite Index rose, market sentiment improved, driving up SHFE 1411 zinc contract prices, and closing at RMB 16,725/mt, down RMB 125/mt or 0.74%. Trading volumes increased by 180,000 lots, to 397,000 lots, and total positions increased by 15,946 lots to 244,300 lots. SHFE 1411 zinc contract prices are expected to test support from RMB 16,600/mt, dragged down by LME zinc prices.

 

Key Words:  zinc prices