SHANGHAI, Jun. 16 (SMM) – SHFE 1408 zinc contract prices opened at RMB 15,525/mt on Thursday evening, then fell below the 5-day moving average, and closing at RMB 15,325/mt, down RMB 255/mt or 1.64%. SHFE 1408 zinc contract prices opened at RMB 15,325/mt, and rose to RMB 15,400/mt due to rising LME zinc prices, but were weighed down as a large number of longs left the market after profit-taking, and closing at RMB 15,365/mt, down RMB 215/mt or 1.38%. Trading volumes decreased by 30,026 lots, to 52,372 lots, and total positions decreased by 11,492 lots, to 111,326 lots.
#0 zinc prices were between RMB 15,280-15,320/mt, with spot discounts of RMB 20-50/mt against SHFE 1408 zinc contract prices. #1 zinc prices were around RMB 15,250/mt. SHFE 1408 zinc contract prices edged down to RMB 15,310-15,390/mt. Imported zinc supply increased, and cargo holders moved goods actively. Downstream buyers purchased modestly at the week’s end and due to falling zinc prices, causing transactions to improve. Shuangyan branded #0 prices were between RMB 15,300-15,320/mt, and RMB 15,280-15,300/mt for Yuguang, Qinxin and Feilong branded #0 zinc and RMB 15,240-15,250/mt for imported #0 zinc. SHFE 1408 zinc contract prices leveled out in the afternoon, with #0 zinc prices between RMB 15,280-15,330/mt.