SHAGNHAI, Aug. 12 (SMM) -- On Thursday, SHFE 1110 zinc contract prices opened lower at RMB 16,500/mt with prices moving between RMB 16,600-16,650/mt during the morning session. Boosted by the rising LME zinc prices and Shanghai Stock Exchange composite index, SHFE 1110 zinc contract prices surged to RMB 16,845/mt and fluctuated between RMB 16,700-16,800/mt in the afternoon, with prices finally closing at RMB 16,780/mt, up RMB 135/mt. Total positions decreased by 9,236 lots to 182,412 lots, while trading volumes increased by over 7,000 lots to 405,492 lost. SHFE zinc prices have continued rallying for two consecutive days, with a large number of longs leaving the market after profit-taking.
In spot markets, as SHFE three-month zinc contract prices rose in the morning, #0 zinc was traded at RMB 16,500/mt. Pushed up by SHFE zinc prices, traded prices of #0 zinc rose to RMB 16,600-16,650/mt, with some brands traded as high as RMB 16,700/mt, with discounts narrowing to negative RMB 150-180/mt against SHFE three-month zinc contract prices, even as low as negative RMB 100/mt. #1 zinc was traded between RMB 16,550-16,600/mt. Downstream buyers increased purchases due to rebounding zinc prices, while traders were holding goods, causing spot prices to rise, but with transactions quite.
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