SHANGHAI, Oct. 8 (SMM) – SHFE 1412 zinc contract prices opened at RMB 16,430/mt on the evening of September 30, then touched as high as RMB 16,720/mt, and closing at RMB 16,675/mt, up RMB 265/mt or 1.61%. Trading volumes increased by 127,198 to 177,080 lots, and total positions increased by 13,888 to 167,756 lots. SHFE 1412 zinc contract prices opened at RMB 16,670/mt on Tuesday, then strengthened to touch as high as RMB 16,835/mt. But due to pre-holiday risk aversion, SHFE 1412 zinc contract prices weakened and closed at RMB 16,800/mt, up RMB 390/mt or 2.38%. Trading volumes increased 149,584, to 336,026 lots, and total positions were up by 5,942 lots to 159,810 lots. The SHFE market will close this evening.
#0 zinc prices were between RMB 16,920-16,980/mt, with spot premiums of RMB 170-220/mt against SHFE 1412 zinc contract prices. #1 zinc prices were between RMB 16,870-16,890/mt. SHFE 1412 zinc contract prices touched as high as RMB 16,800/mt after opening, mostly fluctuating between RMB 16,750-16,780/mt, with spot discounts of #0 zinc between RMB 180-220/mt. Both traders and smelters lacked buying interest as cargo holders held prices firm. Nonetheless, some traders lowered spot premiums to generate cash. Downstream buyers purchased modestly, leaving transactions muted. Shuangyan branded #0 zinc prices were RMB 16,970-16,980/mt, and prices for Yuguang were RMB 16,950-16,960/mt. Tiefeng, Shuikoushan and Qilin zinc prices were RMB 16,940-16,950/mt. Baohui zinc prices were RMB 16,920-16,930/mt. Trading was quiet ahead of the Chinese National Day holiday.