SHANGHAI, Apr. 26 (SMM) - SHFE 1307 zinc contracts prices opened high at RMB 14,665/mt on Thursday as LME zinc prices overnight soared, climbing to the 20-day moving average, and once touching a daily high of RMB 14,740/mt. As the Shanghai Composite Index inched down in the morning session, SHFE zinc prices dipped to RMB 14,640/mt, but then rallied to RMB 14,670/mt, with prices finally closing at RMB 14,690/mt, up RMB 135/mt. Total positions decreased by 7,832 lots to 113,066 lots.
SHFE 1307 zinc contract prices opened high but fell later in the day. Spot discounts of #0 zinc against SHFE 1307 zinc contract prices expanded to RMB 50-70/mt, with traded prices between RMB 14,580-14,610/mt. #1 zinc prices were between RMB 14,560-14,570/mt. Some smelters were will unwilling to sell goods, while traders were actively moving goods but purchasing modesty due to the lack of arbitrage opportunity, and downstream buyers stood on the sidelines due to firm zinc prices. Overall transactions muted. #0 zinc prices slid to RMB 14,580-14,590/mt in the afternoon.