SHANGHAI, Jul. 4 (SMM) – SHFE 1409 zinc contract prices opened at RMB 15,865/mt on Wednesday evening, then rose to RMB 16,130/mt, and closing at RMB 16,085/mt, up RMB 280/mt or 1.77%. SHFE 1409 zinc contract prices opened at RMB 16,085/mt on Thursday, and once touched RMB 16,300/mt. but as a large number of investors left the market after profit-taking, SHFE 1409 zinc contract prices lacked momentum to rise further, fluctuating between RMB 16,200-16,300/mt, and closing at RMB 16,210/mt, up RMB 405/mt or 2.56%. Trading volumes increased by 168,102 lots, to 316,316 lots, and total positions of SHFE 1409 zinc contracts increased by 36,838 lots to 220,184 lots. Total trading volumes increased by 318,752 lots to 539,942 lots.
#0 zinc prices were between RMB 16,030-16,070/mt, with spot discounts of RMB 200-170/mt against SHFE 1409 zinc contract prices. #1 zinc prices were between RMB 15,930-15,970/mt. A limited amount of lower-priced goods were released in the morning, with #0 zinc prices between RMB 15,890-16,000/mt. SHFE 1409 zinc contract prices rose to RMB 16,250/mt, causing arbitrage investors to hold onto goods. When combined with limited supply and Yuguang branded #0 zinc and decreased imported zinc supply, market supply was tight. SHFE 1409 zinc contract prices jumped to a record high, and spot discounts expanded, allowing traders to purchase actively. But downstream buyers purchased as needed since zinc prices were above RMB 16,000/mt. Shuangyan branded #0 prices were between RMB 16,050-16,070/mt, and RMB 16,030-16,040/mt for Yuguang branded #0 zinc. Prices for AZ brand were RMB 16,000/mt. SHFE 1409 zinc contract prices hovered narrowly in the afternoon, with #0 zinc prices between 16,040-16,070/mt.