SHFE Zinc Prices Finish with Gains (Oct. 24, 2014)

SHANGHAI, Oct. 24 (SMM) – SHFE 1412 zinc contract prices opened at RMB 16,590/mt Thursday evening, then fluctuated between RMB 16,560-16,650/mt, and closed at RMB 16,625/mt, up RMB 165/mt or 1%. Trading volumes increased 7,518 to 182,842 lots, and total positions increased 4,314 to 158,582 lots.

SHFE 1412 zinc contract prices opened at RMB 16,625/mt October 24, dipping to RMB 16,600/mt in the morning before inching up later on. SHFE 1412 zinc contract prices met resistance at the 60-day moving average. When combined with a large number of longs leaving the market, SHFE 1412 zinc contract prices lacked ability to rise, and closing at RMB 16,640/mt, up RMB 180/mt or 1.09%. Trading volumes decreased 137,966, to 288,262 lots, and total positions were down 9,620 lots to 144,648 lots. Resistance from the 60-day moving average will remain.