SHANGHAI, Mar. 8 (SMM) – SHFE 1605 zinc dipped to RMB 14,165/mt during Tuesday trading session due to profit-taking by longs and moved around RMB 14,250/mt, to close at RMB 14,290/mt, a fall of RMB 245/mt. Trading volumes dropped 183,000 to 851,000 lots while positions fell 18,000 to 181,000. Positions for all SHFE zinc contracts plunged 26,000 to 381,000with trading volumes above 1 million lots.
Poor reading of China’s trade data led to losses in Chinese stock market while ferrous metals hit by upside daily limit, which however, did not be extended to base metals market.
SHFE 1605 zinc will test support at the 10-day moving average this evening.