SHANGHAI, Jun. 1 (SMM) – SHFE 1707 zinc opened at RMB 21,935/mt today and hovered around RMB 22,000/mt, but then fell due to leaving of longs and entry of shorts. After falling below the moving average, SHFE 1707 zinc stabilized around RMB 21,680/mt. During the second trading session, SHFE 1707 zinc fluctuated around RMB 21,750/mt, and edged up to RMB 21,800/mt in the afternoon, and closed at RMB 21,805/mt, down RMB 395/mt or 1.78%.
Trading volumes on SHFE 1707 zinc increased 107,000 to 592,000 lots, and positions decreased 24,190 to 229,000. The price spread between SHFE 1706 and SHFE 1707 zinc is RMB 730/mt. Positions on SHFE 1706 zinc decreased 11,756 to 51,560. Positions on SHFE 1708 zinc increased 5,940 to 210,668.
SHFE 1707 zinc is expected to hover around RMB 21,800/mt this evening.