SHANGHAI, Oct. 28 (SMM) - SHFE 1401 zinc contract prices opened flat at RMB 15,015/mt, and then touched RMB 15,095/mt, as LME zinc prices rose. But due to the lack of upward momentum, SHFE zinc prices dropped and moved between RMB 15,040-15,070/mt. In the afternoon, LME zinc prices jumped, while the Shanghai Composite Index inched down, when combined with selling pressure, SHFE zinc prices dipped to RMB 14,950/mt. Trading volumes increased by 17,158 lots, to 57,282 lots, and total positions decreased by 2,498 lots, to 129,000 lots.
#0 zinc prices were between RMB 15,090-15,150/mt, with spot premiums between RMB 50-90/mt against SHFE 1401 zinc contract prices. #1 zinc prices were around RMB 15,050/mt, but transactions were muted. Imported SMC and KZ #0 zinc prices were between RMB 15,110-15,120/mt, and trading were muted at the high end of the price range. SHFE 1401 zinc contract prices soared before falling back to the opening price, hovering around the 5 and 10-day moving average. Smelters and traders were actively moving goods to generate cash, while downstream buyers lacked buying interest, leaving trading muted.