SHANGHAI, Jul. 4 (SMM) - SHFE 1310 zinc contract prices opened slightly higher at RMB 14,600/mt, touching RMB 14,680/mt immediately following opening, but falling back to RMB 14,585-14,615/mt. boosted by LME zinc prices, SHFE zinc prices edged up and closed at RMB 14,645/mt, up RMB 50/mt or 0.34%. Trading volumes decreased by 9,028 lots, to 51,176 lots, and total positions decreased by 4,166 lots, to 157,254 lots.
#0 zinc prices were between RMB 14,650-14,680/mt, with spot premiums between RMB 60-80/mt against SHFE 1310 zinc contract prices. #1 zinc prices were between RMB 14,620-14,630/mt, with imported #0 zinc prices between RMB 14,630-14,650/mt. SHFE 1310 zinc contract prices soared initially but later dropped, with spot premiums expanding and distressing buyers. Smelters continued to move goods, and traders contributed to transactions, but downstream buyers purchased modestly, keeping transactions sluggish. In the afternoon, SHFE zinc prices rose, and #0 zinc prices also edged up to RMB 14,680-14,700/mt, with spot premiums between RMB 60-70/mt against SHFE 1310 zinc contract prices.