SHANGHAI, Apr. 24 (SMM) – SHFE 1407 zinc contract prices opened at RMB 15,125/mt on Tuesday evening, and then rose to touch RMB 15,180/mt due to the strengthening LME zinc prices and increasing longs on the SHFE market, and closing at RMB 15,150/mt, up RMB 90/mt or 0.6%. Trading volumes increased by 9,010 lots to 10,394 lots, and total positions increased by 4,070 lots to 72,854 lots. SHFE 1407 zinc contract prices opened at RMB 15,155/mt on Wednesday. HSBC’s initial April PMI for China was 48.3, in line with market expectations and topping the 48 in March, and snapping a six-month losing streak. As longs increased, SHFE 1407 zinc contract prices touched an intraday high of RMB 15,190/mt, then fluctuated at high levels in the afternoon, and closing at RMB 15,190/mt, up RMB 130/mt or 0.86%. Trading volumes increased by 14,030 lots, to 25,328 lots, and total positions increased by 6,702 lots, to 79,556 lots.

#0 zinc prices were between RMB 15,150-15,180/mt, ranging from RMB 10/mt below to RMB 10/mt above SHFE 1407 zinc contract prices. #1 zinc prices were between RMB 15,130-15,150/mt. SHFE 1407 zinc contract prices hovered around RMB 15,160/mt on Wednesday, up RMB 100/mt from the previous day. Supply in Shanghai remained tight, with cargo holders holding back goods and smelters also unwilling to sell goods. Spot prices rose with SHFE zinc prices. Downstream buying interest was low, with transactions quiet. Shuangyan branded #0 zinc prices were between RMB 15,170-15,180/mt, with some transactions made at RMB 15,190/mt. Prices for Jiulong, Qinxin and Yuguang were around RMB 15,160/mt, with RMB 15,150/mt for Bailing and Yongchang branded #0 zinc.