SHANGHAI, Jun. 7 (SMM) - SHFE 1309 zinc contract prices opened at RMB 14,865/mt, dipping before rallying and touching RMB 14,885/mt, and then fluctuating between RMB 14,855-14,865/mt. As selling pressure increased due to weakening LME zinc prices, SHFE zinc prices dipped to RMB 14,810/mt, with support from the 5 and 60-day moving average, but gaining back some losses, finally closing at RMB 14,845/mt, down RMB 30/mt or 0.2%. Trading volumes of SHFE 1309 zinc contracts decreased by 10,834 lots, to 62,118 lots, and positions decreased by 9,370 lots to 123,858 lots. Trading volumes decreased by 25,104 lots, to 108,510 lots, and total positions decreased by 16,476 lots to 293,776 lots. SHFE 1309 zinc contract prices struggled around the 60-day moving average, with the fluctuation range of RMB 75/mt. Market players will remain cautious before the weekend.
SHFE zinc prices opened slightly lower today, surging before falling. #0 zinc prices ranged from RMB 20/mt below to RMB 10/mt above SHFE 1309 zinc contract prices, with traded prices between RMB 14,840-14,870/mt. #1 zinc prices were between RMB 14,810-14,830/mt. Cargo holders were actively moving goods due to higher prices, but downstream buying interest remained low, keeping transactions quiet. SHFE zinc prices inched down in the afternoon, with #0 zinc prices ranging from RMB 20/mt below to RMB 20/mt above SHFE 1309 zinc contract prices, and with traded prices between RMB 14,800-14,860/mt.