SHANGHAI, Apr. 18 (SMM) – SHFE 1407 zinc contracts became the most actively traded contracts on Wednesday evening, with prices opening at RMB 15,070/mt, touching RMB 15,110/mt due to strong long momentum, and closing at RMB 15,090/mt, up RMB 95/mt or 0.63%. Trading volumes increased by 4,908 lots to 10,922 lots, and total positions increased by 6,038 lots to 59,118 lots.
SHFE 1406 zinc contract prices opened at RMB 15,090/mt on Thursday, then fluctuated between RMB 15,080-15,100/mt as LME zinc price volatility was low, and closing at RMB 15,090/mt, up RMB 95/mt or 0.63%. Trading volumes increased by 4,758 lots, to 11,374 lots, and total positions increased by 2,432 lots, to 61,550 lots.
#0 zinc prices were between RMB 15,020-15,040/mt, with spot discounts between RMB 0-20/mt against SHFE 1406 zinc contract prices. #1 zinc prices were around RMB 15,010/mt. SHFE 1406 zinc contract prices opened at RMB 15,050/mt on Thursday, and then fluctuated around RMB 15,040/mt. Tight spot supply pushed up spot prices, with spot discounts level with Wednesday. Zinc prices continued to rise above RMB 15,000/mt, stimulating some traders to sell goods. But some cargo holders were unwilling to move goods due to firm prices. Downstream buying interest was low due to high zinc prices, but overall transactions improved, and mainly made among traders. Shuangyan branded #0 zinc prices were around RMB 15,040/mt, with RMB 15,030/mt for Jiulong, Qinxin, Feilong, Yuguang and SMC branded #0 zinc.