SHANGHAI, Apr. 27 (SMM) - SHFE 1307 zinc contracts prices opened high at RMB 14,790/mt on Friday as LME zinc prices overnight closed the day with gains. As the Shanghai Composite Index opened low and moved lower, with daily declines of 0.97%, SHFE zinc prices briefly touched RMB 14,835/mt, but then fell to RMB 14,750-14,770/mt, with prices finally closing at RMB 14,745/mt, up RMB 75/mt or 0.51%. Trading volumes decreased by 872 lots, to 30,660 lots, and total positions decreased by 6,394 lots to 106,672 lots. Trading volumes of SHFE 1308 zinc contracts decreased by 5,566 lots, to 97,474 lots, and total positions decreased by 838 lots to 104,454 lots, with the shift expected to be made next Thursday.
SHFE 1307 zinc contract prices opened high but fell later in the day. Spot discounts of #0 zinc against SHFE 1308 zinc contract prices were RMB 120-140/mt, with traded prices between RMB 14,670-14,710/mt. #1 zinc prices were between RMB 14,650-14,670/mt. Smelters continued to hold back goods in the last trading day before holiday, while traders were actively moving goods, but downstream buyers stood on the sidelines, keeping overall transactions muted. Discounts of #0 zinc remained around RMB 110/mt in the afternoon, with prices between RMB 14,670-14,690/mt.