SHANGHAI, Jun. 18 (SMM) – SHFE 1408 zinc contract prices opened at RMB 15,375/mt on Monday evening, then touched RMB 15,435/mt, and closing at RMB 15,430/mt, up RMB 55/mt or 0.36%. SHFE 1408 zinc contract prices opened at RMB 15,430/mt, and touched RMB 15,475/mt before plummeting to RMB 15,375/mt. But with support from LME zinc prices, SHFE 1408 zinc contract prices inched up, and closing at RMB 15,450/mt, up RMB 75/mt or 0.49%. Trading volumes increased by 2,718 lots, to 35,206 lots, and total positions decreased by 6,766 lots, to 100,666 lots.
#0 zinc prices were between RMB 15,340-15,370/mt, with spot discounts of RMB 50-80/mt against SHFE 1408 zinc contract prices. #1 zinc prices were between RMB 15,290-15,300/mt. Shuangyan branded #0 prices were between RMB 15,360-15,370/mt, and RMB 15,340-15,350/mt for Yuguang, Jiulong, Qinxin and Feilong branded #0 zinc and RMB 15,310-15,320/mt for AZ branded #0 zinc. Prices for other mainstream brands were between RMB 15,280-15,300/mt. SHFE 1408 zinc contract prices stayed above RMB 15400/mt, but spot zinc price gains were not as strong as SHFE zinc prices, causing spot discounts to expand. Besides, China’s deposit reserve ratio cut for some banks and Premier Li’s statement boosted market sentiment, causing traders to purchase goods more actively. But downstream buying interest remained low, with transactions only improving slightly. SHFE 1408 zinc contract prices leveled out in the afternoon, with #0 zinc prices between RMB 15,340-15,370/mt.