SHANGHAI, Apr. 13 (SMM) – SHFE 1506 zinc contract prices opened at RMB 16,215/mt Thursday evening, and lacked ability to rise and met resistance at RMB 16,300/mt, and closed the day at RMB 16,250/mt, up RMB 80/mt or 0.49%. Trading volumes were up 22,454 to 58,638 lots, and total positions increased 2,234 to 126,622. SHFE 1506 zinc contract prices lacked ability to rise today, and inched lower to RMB 16,200/mt after opening. In the afternoon, SHFE 1506 zinc contract prices broke through RMB 16,300/mt and closed at RMB 16,360/mt, up RMB 190/mt or 1.18%. Trading volumes surged 92,000 to 176,000 lots, and total positions grew 5,582 to 130,000.
#0 zinc prices were between RMB 16,120-16,170/mt, RMB 120-90/mt below SHFE 1506 zinc contract prices. #1 zinc was traded between RMB 16,050-16,060/mt. SHFE 1506 zinc contract prices fluctuated between RMB 16,260-16,280/mt during 9:00-10:15 AM, with spot discounts expanding to RMB 120-100/mt, and #0 zinc prices between RMB 16,150-16,170/mt. SHFE 1506 zinc contract prices dropped to RMB 16,200/mt during 10:30-11:30 AM, causing spot discounts of #0 zinc to narrow to RMB 100-90/mt. Traders increased purchases, causing trading to improve. Shuangyan and Yuguang #0 zinc prices were RMB 16,130-16,170/mt, RMB 110-90/mt below SHFE 1506 zinc contract prices. Qinxin and Qilin #0 zinc prices were RMB 16,120-16,160/mt, with spot discounts of RMB 120-100/mt against SHFE 1506 zinc contract prices. Indian #0 zinc prices were RMB 16,030-16,060/mt, with spot discounts of RMB 200-180/mt against SHFE 1506 zinc contract prices. SHFE 1506 zinc contract prices edged up in the afternoon, with spot discounts widening RMB 10-20/mt. Some traders entered the market.
