SHANGHAI, Jun. 5 (SMM) – SHFE 1408 zinc contract prices moved between moving averages with LME zinc prices. As a large number of longs entered the market, SHFE 1408 zinc contract prices edged up to RMB 15,200/mt, and closing at RMB 15,190/mt. SHFE 1408 zinc contract prices opened at RMB 15,195/mt on Wednesday, then moved between RMB 15,165-15,185/mt, with transactions muted, and closing at RMB 15,175/mt, down RMB 15/mt or 0.1%. Trading volumes decreased by 830 lots, to 11,354 lots, and total positions increased by 268 lots, to 73,146 lots.
#0 zinc prices were between RMB 15,160-15,180/mt, with spot discounts of RMB 0-20/mt against SHFE 1408 zinc contract prices. #1 zinc prices were between RMB 15,120-15,140/mt. SHFE zinc prices fell to RMB 15,175/mt, with cargo holders moving goods actively. As Shuangyan branded #0 zinc prices fell slightly, and since stocks have been consumed, traders purchased goods modestly. But downstream buyers purchased on an as-needed basis, with transactions improving. Shuangyan branded #0 zinc were between RMB 15,170-15,180/mt, with RMB 15,160-15,170/mt for Yuguang, Qinxin and Jiulong branded #0 zinc. AZ branded #0 zinc prices were RMB 15,140-15,150/mt. SHFE 1408 zinc contract prices consolidated in the afternoon, with #0 zinc prices between RMB 15,160-15,180/mt.