SHANGHAI, Oct. 23 (SMM) - SHFE 1401 zinc contract prices opened at RMB 15,080/mt, and then touched RMB 15,095/mt, but falling back to RMB 15,050/mt. The sluggish Shanghai Composite Index refrained SHFE zinc prices from rising, hovering between RMB 15,055-15,080/mt. But boosted by LME zinc prices, SHFE zinc prices hit an intraday high of RMB 15,110/mt, and closed at RMB 15,095/mt, up RMB 50/mt or 0.33%. Trading volumes decreased by 45,318 lots, to 46,916 lots, and total positions increased by 294 lots, to 152,892 lots.
#0 zinc prices were between RMB 15,090-15,160元/mt, with spot premiums between RMB 50-100/mt against SHFE 1401 zinc contract prices. #1 zinc prices were around RMB 15,050/mt. SHFE 1401 zinc contract prices leveled out, distressing cargo holders. When combined with the lack of downstream buyers, transactions were muted. Smelters were actively moving goods, leaving supply ample. But downstream buying interest was low above RMB 15,000/mt, leaving trading muted. Shuangyan branded #0 zinc prices were around RMB 15,160/mt, with Qinxin branded #0 zinc prices around RMB 15,110/mt.