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SHFE Zinc Prices Kept Up by Chinese Trading Data, LME Prices
May. 09, 2013 10:06AM PST
Base Metals Investing Shanghai Metals Market reported that SHFE zinc prices moved higher after Chinese April trading data boosted the Shanghai Composite Index. SHFE zinc prices later fell, only to rebound on the back of rising LME zinc prices.
Shanghai Metals Market reported that SHFE zinc prices moved higher after Chinese April trading data boosted the Shanghai Composite Index. SHFE zinc prices later fell, only to rebound on the back of rising LME zinc prices.
As quoted in the market news:
China’s April trading data released in the morning was better than expectations, boosting the Shanghai Composite Index to touch 2,255.21, a new high since late March. In response, SHFE zinc prices moved higher, surging to the 20-day moving average but later falling. Since LME zinc prices rose further at noon, SHFE zinc prices rebounded and broke through the 30-day moving average, closing at RMB 14,675/mt, up RMB 55/mt or 0.83%. Trading volumes decreased by 24,936 lots, to 62,804 lots, and total positions increased by 4,610 lots to 142,000 lots.
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