SHANGHAI, Oct. 12 (SMM) - Market optimism increased as an agreement on the debt ceiling issue is expected to be reached, pushing up Asian stocks and zinc prices to close with gains for four consecutive days. SHFE 1401 zinc contract prices opened at RMB 14,865/mt, and then edge up to RMB 14,930-14,950/mt. At noon, SHFE zinc prices fell briefly, but found strong support at the 30-day moving average, gaining back some losses and hovering around moving averages in the afternoon, and closing at RMB 14,945/mt, up RMB 100/mt. Trading volumes increased by 37,974 lots, to 74,154 lots, and total positions increased by 16,652 lots, to 145,000 lots.
#0 zinc prices were between RMB 15,050-15,080/mt, with spot premiums of RMB 100-130/mt against SHFE 1401 zinc contract prices. As SHFE inched down, #0 zinc prices fell to RMB 15,030-15,060/mt, with #1 zinc supply increasing, and prices between RMB 14,970-15,000/mt. Imported #0 zinc prices were between RMB 14,980-15,030/mt. SHFE zinc prices opened high and moved higher, and spot zinc prices rose by RMB 100/mt. Cargo holders moved goods at higher prices, while downstream buying interest was undermined, leaving transactions muted.