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I'm surprised a correct original label would have such an obvious error ("it's lowest position" should be "its").

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It is not an error. The word "it" is being referenced as a singular noun to express ownership. In that context, using the apostrophe is actually correct.

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Perhaps the rules of English have changed since I was in school 30 years ago?
I'm sorry Dave, but I couldn't resist forwarding your reply to both my father and my mother for entertainment, both of them made their livings as editors (my 80 year old dad still does some editing and the common mistake of using "it's" as a possessive is one of his biggest pet peeves).
"It's" is a contraction of "it is".
Here's a little primer so everyone can be more edumacated:
http://garyes.stormloader.com/its.html