SHANGHAI, Nov. 19 (SMM) – After China announced economic reform policies and due to Jenet Yellen's statement, SHFE 1402 zinc contract prices opened high at RMB 14,840/mt, and then leveled out. The Shanghai Composite Index soared 3%, SHFE zinc prices were resistant to increases, moving between RMB 14,850-14,870/mt, and closing at RMB 14,865/mt, up RMB 60/mt. Trading volumes decreased by 6,186 lots, to 24,056 lots, and total positions increased by 5,336 lots, to 104,000 lots.
#0 zinc prices were between RMB 14,930-14,960/mt, with spot premiums between RMB 80-110/mt against SHFE 1402 zinc contract prices. Lida branded #1 zinc prices were around RMB 14,880/mt, and Kazakhstan #1 zinc prices were around RMB 14,840/mt, with KZ and SMC #0 zinc prices between RMB 14,920-14,930/mt. SHFE zinc prices opened high then moved between RMB 14,830-14,860/mt, but lacking ability to rise further. Cargo holders were moving goods normally, and downstream buyers mostly purchased goods on an as-needed basis, with transactions muted.