SHANGHAI, Aug. 14 (SMM) –SHFE 1510 zinc contract prices opened at RMB 14,900/mt Wednesday evening, then climbed to RMB 15,070/mt, and closed at RMB 15,020/mt. SHFE 1510 zinc contract prices dipped to the 10-day moving average after opening Thursday as a large number of longs left the market but rallied later on and closed at RMB 14,980/mt, up RMB 355/mt or 2.43%. Trading volumes decreased 139,618 to 181,970 lots, and total positions decreased 5,806 to 149,464. SHFE 1509 zinc contract prices will test RMB 15,000/mt.
#0 zinc prices were between RMB 15,170-15,220/mt, RMB 270-330/mt above SHFE 1510 zinc contract prices Wednesday. #1 zinc prices were RMB 15,120-15,140/mt. Spot premiums of imported #0 zinc were RMB 220-240/mt against SHFE 1510 zinc contract prices. SHFE 1510 zinc contract prices opened at RMB 15,005/mt, and dipped to as low as RMB 14,700/mt, and closed at RMB 14,845/mt. Smelters increased supply, growing registered #0 zinc supply and weighing on spot premiums. Cargo holders began to sell imported goods for future delivery, while downstream buying interest was weak, with trading muted. Spot premiums were RMB 10+250-300/mt in the afternoon, with overall transactions quiet.
