SHANGHAI, Jul. 3 (SMM) - SHFE 1310 zinc contract prices opened RMB 75/mt higher at RMB 14,580/mt. The Shanghai Composite Index rose to 2000, boosting market sentiment. But concerns over weakening Chinese demand and caution before the announcement of US non-farm employment data restrained zinc price gains, with SHFE 1310 zinc contract prices hovering around the 20 and 30-day moving average, moving between RMB 14,580-14,605/mt, but breaking through RMB 14,600/mt, touching RMB 14,645/mt, and finally closing at RMB 14,640/mt, up RMB 135/mt or 0.93%.
Trading volumes of SHFE 1310 zinc contracts increased by 5,566 lots, to 60,204 lots, and total positions increased by 1,412 lots to 161,420 lots. Trading volumes increased by 14,260 lots, to 97,446 lots, and total positions decreased by 6,902 lots, to 340,708 lots.
#0 zinc prices were between RMB 14,640-14,660/mt, with spot premiums between RMB 50-70/mt against SHFE 1310 zinc contract prices. #1 zinc prices were around RMB 14,620/mt. SHFE 1310 zinc contract prices extended gains and climbed to RMB 14,600/mt. Cargo holders were actively selling goods at higher prices, and some traders pushed goods modestly. But downstream buyers remained cautious, pushing as needed, keeping transactions quiet. SHFE zinc prices fluctuated in the afternoon in a RMB 14,640-14,660/mt range, with transactions muted.