SHANGHAI, Mar. 26 (SMM) – SHFE 1406 zinc contract prices opened at RMB 14,775/mt on Monday evening, and touched RMB 14,815/mt before falling to RMB 14,750-14,760/mt, and finally closing at RMB 14,750/mt, down RMB 10/mt or 0.07%.
SHFE 1406 zinc contract prices opened at RMB 14,755/mt on Tuesday, then moved between RMB 14,750-14,770/mt. As industry commodity prices jumped at 11:00 AM, SHFE copper prices rose, driving up SHFE 1406 zinc contract prices to touch RMB 14,850/mt, but lacking ability to rise further, then moving between RMB 14,790-14,810/mt, and closing the day at RMB 14,805/mt, up RMB 45/mt or 0.3%. Trading volumes increased by 13,092 lots, to 30,754 lots, and total positions decreased by 1,438 lots, to 76,588 lots.
#0 zinc prices were between RMB 14,620-14,650/mt, with spot discounts between RMB 120-170/mt against SHFE 1406 zinc contract prices. #1 zinc prices were between RMB 14,600-14,610/mt. SHFE 1406 zinc contract prices opened at RMB 14,755/mt on Tuesday, and leveled out between RMB 14,760-14,770/mt. Shuangyan branded #0 zinc prices were around RMB 14,640/mt, with spot discounts of RMB 120/mt against SHFE 1406 zinc contract prices. Prices for other regular brands were around RMB 14,620/mt. As SHFE copper prices soared after 11:00 AM, SHFE 1406 zinc contract prices rose sharply, but spot prices were resistant to increases, with discounts expanding to RMB 140-170/mt. Shuangyan branded #0 zinc prices rose to RMB 14,650-14,660/mt, with RMB 14,630-14,640/mt for Qilin, Jiulong and Feilong branded #0 zinc. Large amounts of #0 zinc from India and Belgium arrived, with prices between RMB 14,600-14,620/mt. Zinc price volatility increased, when combined with market optimism, traders were active. But downstream buyers continued to purchase as needed, with transactions improving and mainly made among traders.