SHANGHAI, Jun. 8 (SMM) - SHFE 1309 zinc contract prices opened at RMB 14,845/mt. The Shanghai Composite Index plunged 1.5%, and the SZSE Component Index also plummeted by 2.64%, distressing market sentiment. But zinc prices resisted both increases and declines due to market caution before the holiday, fluctuating around RMB 14,840/mt, and finally closing at RMB 14,840/mt, close to the settlement price on Thursday. Trading volumes of SHFE 1309 zinc contracts decreased by 20,936 lots, to 41,182 lots, and positions decreased by 4,408 lots to 119,450 lots. Trading volumes decreased by 33,828 lots, to 74,682 lots, and total positions decreased by 6,816 lots to 286,960 lots.
SHFE zinc prices opened flat today. #0 zinc prices ranged from RMB 20/mt below to RMB 20/mt above SHFE 1309 zinc contract prices, with traded prices between RMB 1,820-1,860/mt. #1 zinc prices were between RMB 14,800-14,820/mt. Cargo holders were actively moving goods prior to the holiday, but traders stood on the sidelines, while downstream buyers purchased modestly, keeping transactions quiet. In the afternoon, cargo holders were holding prices firm, and some downstream buying interest improved, with spot premiums of #0 zinc against SHFE 1309 zinc contract prices RMB 0-30/mt, and with traded prices between RMB 14,840-14,870/mt, and transactions improving.