SHANGHAI, Oct. 17 (SMM) - SHFE 1401 zinc contract prices opened low at RMB 14,960/mt, and then hovered around the 5-day moving average, but dipping to a daily low of RMB 14,865/mt, though finding support at the 10-day moving average later the day. Finally, SHFE 1401 zinc contract prices closed at RMB 14,935/mt, down RMB 40/mt or 0.27%. Trading volumes decreased by 2,260 lots, to 47,596 lots, and total positions decreased by 6,144 lots, to 139,420 lots. The Shanghai Composite Index tumbled 1.81%, depressing market optimism and keeping investors cautious.
#0 zinc prices were between RMB 15,030-15,090/mt, with spot premiums of RMB 110-160/mt against SHFE 1401 zinc contract prices. #1 zinc prices were around RMB 15,000/mt, and spot premiums of Belgium #0 zinc were around RMB 30/mt against SHFE 1401 zinc contract prices. SHFE 1401 zinc contract prices weakened, but cargo holders were holding prices firm, pushing up spot premiums by RMB 10/mt. Smelters did not have high inventory pressure and were unwilling to sell goods in large amounts. Downstream buying interest decreased as spot prices remained above RMB 15,000/mt, leaving trading muted. Yuguang and Shuangyan branded #0 zinc prices were around RMB 15,080/mt, and other zinc ingot was traded between RMB 15,030-15,060/mt.