SHAGNHAI, Jul. 1 (SMM) -- On Thursday, SHFE 1109 zinc contract prices opened higher at RMB 17,600/mt tracking LME zinc prices overnight, then surged to RMB 17,700/mt following the rising Shanghai Stock Exchange composite index. Finally, SHFE 1109 zinc contract prices closed at RMB 17,760/mt, above the 60-day moving average, up RMB 320/mt, or up 1.83%. Trading volumes increased by 80,000 lots to 291,888 lots, and total positions increased by 15,180 lots to 210,082 lots.

SHFE 1109 zinc contract prices opened higher and edged up in the morning session, and spot zinc prices rose in response. #0 zinc was traded around RMB 17,300/mt, with discounts of RMB 300/mt against SHFE 1109 zinc contract prices. Spot discounts extended to RMB 350/mt along with rising SHFE zinc prices, with offers of #0 zinc between RMB 17,360-17,380/mt. But traders were purchasing modestly due to tight cash flow, and downstream buying interest was low, leaving the overall transaction quiet. Spot discounts expanded to RMB 400/mt in the afternoon as SHFE zinc prices rose further, with spot offers around RMB 17,400/mt. But transactions were muted.

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