SHAGNHAI, Jul. 29 (SMM) -- On Thursday, SHFE 1110 zinc contract prices surged to RMB 19,160/mt in the morning session, then fell along with dropping Shanghai Stock Exchange composite index. Later, SHFE 1110 zinc contract prices fell further to RMB 18,850/mt as a large number of longs left the market after profit-taking, then found support at the 5-day moving average, moving between RMB 18,900-19,000/mt and closing at RMB 18,910/mt, down RMB 100/mt. Trading volumes increased by over 100,000 lots to 414,054 lots, and total positions decreased by 15,650 lots to 253,844 lots, with the long momentum stronger.
SHFE 1110 zinc contract prices plunged in the morning session. #0 zinc was traded between RMB 18,480-18,500/mt, then fell to RMB 18,320-18,350/mt in tandem with SHFE zinc prices, with discounts against SHFE 1110 zinc contract prices negative RMB 580/mt. #1 zinc was traded around RMB 18,300/mt. The market was cautious as zinc prices fell, keeping the overall transactions quiet.