SHANGHAI, Jun. 12 (SMM) – SHFE 1408 zinc contract prices opened at RMB 15,390/mt on Monday evening, then touched RMB 15,560/mt, a record high since last April, and closing at RMB 15,555/mt, up RMB 190/mt or 1.24%. SHFE 1408 zinc contract prices opened at RMB 15,540/mt, and surged to RMB 15,725/mt as a large number of longs entered the market, a record high last seen in March 2013. In the afternoon, SHFE 1408 zinc contract price gains narrowed, and closing at RMB 15,630/mt, up RMB 265/mt or 1.72%. Trading volumes increased by 133,910 lots, to 167,862 lots, and total positions increased by 17,172 lots, to 140,218 lots.
#0 zinc prices were between RMB 15,550-15,600/mt, with spot discounts of RMB 100-150/mt against SHFE 1408 zinc contract prices. #1 zinc prices were between RMB 15,490-15,530/mt. SHFE zinc prices rose to RMB 15,700/mt after opening, but LME zinc price increases were limited, causing a wait-and-see attitude to grow. Smelters were more actively selling, but some cargo holders remained unwilling to sell goods due to market optimism. Spot transactions were brisk due to large zinc price volatility, while downstream buying interest was low and transactions were mainly made among traders. Shuangyan branded #0 prices were between RMB 15,580-15,600/mt, and RMB 15,550-15,580/mt for Yuguang and Qinxin branded #0 zinc. Imported #0 zinc prices were between RMB 15,470-15,500/mt. SHFE 1408 zinc contract prices fell slightly and leveled out at RMB 15,615/mt in the afternoon, with #0 zinc prices between RMB 15,520-15,560/mt.