SHANGHAI, Nov. 28 (SMM) – SHFE 1402 zinc contract prices opened lower at RMB 14,800/mt, dragged down by LME zinc prices overnight, then leveling out between RMB 14,810-14,825/mt. In the afternoon, with strong short momentum, SHFE zinc prices hovered around RMB 14,800/mt, and closed the day at RMB 14,800/mt, down RMB 40/mt. Trading volumes increased by 552 lots, to 19,448 lots, and total positions increased by 4,922 lots, to 119,000 lots.
#0 zinc prices were between RMB 14,890-14,930/mt, with spot premiums between RMB 80-120/mt against SHFE 1402 zinc contract prices. Lida branded #1 zinc prices were between RMB 14,850-14,860/mt, with spot premiums of SMC branded zinc RMB 80-90/mt against SHFE 1402 zinc contract prices, trading between RMB 14,890-14,900/mt, and Belgian zinc prices were lower at RMB 14,850/mt. SHFE 1402 zinc contract prices opened lower at RMB 14,800/mt, then leveling out around the moving average, hovering within a RMB 30/mt range, depressing market sentiment. Cargo holders were actively moving goods, but downstream buying interest remained low, leaving transactions muted. Shuangyan branded #0 zinc prices were between RMB 14,920-14,930/mt, Qinxin and Jiulong branded #0 zinc prices were between RMB 14,900-14,910/mt, with RMB 14,880-14,890/mt for Baohui branded #0 zinc.