SHANGHAI, Oct. 24 (SMM) - SHFE 1401 zinc contract prices opened at RMB 15,150/mt. During the first session, SHFE zinc prices touched RMB 15,160/mt, then fluctuated around RMB 15,125/mt. The Shanghai Composite Index soared initially in the morning but then dropped, down 1%, dragging down SHFE zinc prices. As a large number of investors left the market after profit-taking, SHFE zinc prices inched down and move between RMB 15,055-15,085/mt in the afternoon, and closed at RMB 15,040/mt, down RMB 35/mt or 0.23%. Trading volumes increased by 15,100 lots, to 62,016 lots, and total positions decreased by 15,902 lots, to 136,990 lots.
#0 zinc prices were between RMB 15,100-15,170/mt, with spot premiums between RMB 30-70/mt against SHFE 1401 zinc contract prices. #1 zinc prices were around RMB 15,050/mt. Cargo holders were actively moving goods, keeping supply ample, while downstream buyers purchased on an as-needed basis, with transactions muted. SHFE zinc prices opened high and soared in the first session, then leveling out at RMB 15,130/mt, with #0 zinc prices between RMB 15,130-15,190/mt. Shuangyan branded #0 zinc prices were between RMB 15,170-15,190/mt, and other regular #0 zinc prices were RMB 15130-15150/mt, with spot premiums between RMB 0-50/mt. Dragged down by LME zinc prices, SHFE zinc prices fell during the second session, pushing down spot zinc prices. Shuangyan branded #0 zinc prices dropped to RMB 15,150-15,160/mt, and other brands fell to RMB 15,100-15,120/mt, with spot premiums expanding to RMB 30-80/mt.