SHANGHAI, Apr. 25 (SMM) - SHFE 1307 zinc contracts prices opened at RMB 14,525/mt on Wednesday, dipping to RMB 14,440/mt in the morning trading, but then rallying to RMB 14,520/mt. In the afternoon, SHFE 1307 zinc contract prices soared along with the strengthening copper prices, breaking through the 10-day moving average, and touching a daily high of RMB 14,650/mt, but then inching down. Finally, SHFE 1307 zinc contract price closed at RMB 14,610/mt, up RMB 115/mt. Total positions decreased by 4,512 lots to 120,898 lots.
SHFE 1307 zinc contract prices fell temporarily after opening but then rebounded. Spot discounts of #0 zinc against SHFE 1307 zinc contract prices narrowed to RMB 30-50/mt, with traded prices between RMB 14,470-14,500/mt. #1 zinc prices were between RMB 14,440-14,450/mt. Smelters were mainly delivering goods for long-term contracts, holding back goods, and traders held prices firm, while downstream buyers stood on the sidelines, with overall transactions muted. As SHFE zinc prices climbed in the afternoon, spot discounts expanded, causing arbitrage traders to purchase goods, with #0 zinc prices inching up to RMB 14,520-14,530/mt.