SHANGHAI, Jul. 8 (SMM) - SHFE 1310 zinc prices, the most actively traded contract, opened slightly lower at RMB 14,520/mt on July 5th. The contract fell below RMB 14,500/mt during the trading as LME zinc moved lower and investors sold off before the release of US non-farm payrolls. The contract generally fluctuated in the RMB 14,485-14,500/mt range before finally closing at RMB 14,470/mt, down RMB 70/mt or 0.48%. Transactions were up 748 lots to 46,480 lots, and positions were up 1,948 lots to 156,588 lots. Sell orders were 27,900 lots, accounting for 60%.
In the spot market, #0 zinc traded at RMB 14,570-14,600/mt, with premiums over SHFE three-month zinc contract between RMB 80-110/mt. Traded prices for #1 were around RMB 14,540/mt. SHFE zinc market drifted lower after a low opening last Friday, with SHFE 1310 zinc prices struggling at RMB 14,500/mt. Falling prices reduced smelters’ enthusiasm in sales, and downstream buying interest improved slightly in late week. However, the increment was limited. Narrow price fluctuations restricted room for trading among traders. As a result, overall trading was thin. In the afternoon business, #0 traded between RMB 14,570-14,590/mt, with premiums over SHFE three-month zinc prices between RMB 90-110/mt. Trading saw no improvement.