SHANGHAI, Jun. 11 (SMM) – SHFE 1508 zinc contract prices opened at RMB 16,400/mt Tuesday evening, then hovered between RMB 16,420-16,460/mt, and closed at RMB 16,430/mt, up RMB 100/mt or 0.61%. Trading volumes increased 4,612 to 48,998 lots, and total positions decreased 2,382 to over 125,000. SHFE 1508 zinc contract prices opened at RMB 16,430/mt, then fluctuated around RMB 16,400/mt, and closed at RMB 16,420/mt, up RMB 90/mt or 0.55%. Trading volumes increased 4,024 to 88,160 lots, and total positions fell 6,142 to 121,318. SHFE 1508 zinc contract prices will lack ability to rise this evening.
#0 zinc prices were between RMB 16,350-16,370/mt, RMB 40-30/mt below SHFE 1508 zinc contract prices. #1 zinc prices were RMB 16,310-16,330/mt. SHFE 1508 zinc contract prices fluctuated between RMB 16,390-16,410/mt, up RMB 100/mt, with spot discounts between RMB 40-30/mt. Smelters were holding back goods, and cargo holders held prices firm, leading to tight supply of regular brands and high zinc prices. But traders pushed for lower prices, and downstream buyers purchased as needed, with overall transactions quiet. SHFE 1508 zinc contract prices remained range-bound in the afternoon, with spot discounts largely unchanged and trading quiet.