SHANGHAI, Feb. 26 (SMM) – The most active SHFE 1505 zinc contract started sharply lower at RMB 16,055/mt and then fell further to RMB 15,980/mt on Wednesday. The price of the contract, however, rebounded above RMB 16,000/mt afterwards and closed down RMB 310/mt, or 1.89% at RMB 16,060/mt. Trading volumes for the most active contract tumbled 25,962 lots to 68,062 lots, while positions added 13,120 to 98,764.
#0 zinc ingot traded at RMB 16,190-16,220/mt, a RMB 100-120/mt premium to the most active SHFE 1504 zinc contract, while #1 zinc ingot sold for RMB 16,150-16,170/mt in Shanghai on Wednesday. Some traders returned to the market, but trading was muted in the first trading day after the end of the Chinese New Year holiday. Shuangyan branded #0 zinc prices were RMB 16,200-16,220/mt, a RMB 110-130/mt premium to the most active contract. Yuguang, Qilin and Qinxin branded #0 zinc was offered at about a RMB 100/mt premium. Quotations were at a RMB 60/mt premium for SMC and KZ branded #0 zinc, and on par with the most active contract for #0 zinc from Peru and the Netherlands.