SHANGHAI, Apr. 30 (SMM) – SHFE 1407 zinc contract prices opened at RMB 15,125/mt on Monday evening, and then hovered between RMB 15,120-15,150/mt, and closed at RMB 15,125/mt, down RMB 25/mt or 0.17%. Trading volumes decreased by 2,306 lots to 5,356 lots, and total positions increased by 520 lots to 87,088 lots.
SHFE 1407 zinc contract prices opened at RMB 15,130/mt on Tuesday, and then moved between RMB 15,120-15,150/mt most of the day. Before the end of trading, SHFE 1407 zinc contract prices plunged as a large number of longs left the market, dipping to RMB 15,040/mt at one point, and closing at RMB 15,065/mt, down RMB 85/mt or 0.56%. Trading volumes decreased by 3,144 lots, to 20,880 lots, and total positions increased by 2,542 lots, to 89,630 lots.
#0 zinc prices were between RMB 15,130-15,160/mt, with spot prices ranging from RMB 10/mt below to RMB 20/mt above SHFE 1407 zinc contract prices. #1 zinc prices were between RMB 15,110-15,120/mt. SHFE 1407 zinc contract prices fluctuated around RMB 15,135/mt after opening, and spot premiums fell slightly since spot prices dropped on increasing supply. Smelters were actively moving goods at highs, and other cargo holders also increased supply, causing supply tightness to ease. But traders lacked interest in operations before the release of a series of macroeconomic news and the upcoming May Day holiday. Downstream buyers lacked interest in replenishing goods before the holiday. Shuangyan branded #0 zinc prices were between RMB 15,150-15,160/mt, with RMB 15,140/mt for Qinxin and Yuguang branded #0 zinc. Jiulong and Feilong branded #0 zinc prices were around 15,130/mt. AZ branded #0 zinc prices were between RMB 15,110-15,120/mt.