Spot Zinc Price Movement (2013-10-24)

SHANGHAI, Oct. 24 (SMM) – #0 zinc prices were between RMB 15,080-15,130/mt, with spot premiums expanding to RMB 80-120/mt against SHFE 1401 zinc contract prices. #1 zinc prices were between RMB 15,000-15,020/mt, but transactions were muted. SHFE 1401 zinc contract prices opened low as LME zinc prices overnight plummeted by 1%. Despite HSBC’s October PMI was better than both the flash data and September’s, SHFE lacked impetus to rise as the market had absorbed the news, hovering around RMB 15,000/mt. Smelters increased supply, while traders took a wait-and-see attitude, and downstream buyers watched on the sidelines, leaving trading muted.