SHANGHAI, Jul. 18 (SMM) - SHFE 1310 zinc contract prices opened slightly higher at RMB 14,715/mt, but fell below RMB 14,700/mt as longs left the market with profit-taking, moving between RMB 14,670-14,700/mt. A-shares plummeted by 1.01%, distressing market sentiment. LME zinc prices expanded declines to USD 15/mt, increasing selling pressure, and pushing down LME zinc prices to move between RMB 14,640-14,650/mt, dipping to RMB 14,620/mt. Due to news that related high-speed railway investment document was submitted and is expected to be approved soon, SHFE zinc prices were pushed up to RMB 14730/mt, and finally closed at RMB 14,635/mt, down RMB 45/mt, or 0.31%. Trading volumes increased by 11,724 lots, to 39,434 lots, and total positions decreased by 4,130 lots, to 144,658 lots.
#0 zinc prices were between RMB 14,750-14,780/mt, with spot premiums of RMB 70-80/mt against SHFE 1310 zinc contract prices. #1 zinc prices were around RMB 14,720/mt, with imported #0 zinc prices around RMB 14,740/mt. SHFE zinc prices fluctuated in a narrow range, and longs left the market with profit-taking. SHFE 1311 zinc contract prices once pulled up to RMB 14700/mt. cargo holders held Shuangyan #0 zinc prices firm around RMB 14,780/mt, but inquiries were muted, with prices falling back to RMB 14,770/mt. Some smelters were actively selling goods at higher prices, and traders were actively due to expanding spot premiums. But downstream buying interest was low, leaving transactions muted. SHFE zinc prices plummeted, and #0 zinc prices dropped to RMB 14,730-14,740/mt, with spot premiums expanding to RMB 90-100/mt against SHFE 1310 zinc contract prices.