SHANGHAI, Apr. 9 (SMM) – SHFE 1506 zinc contract prices opened at RMB 16,230/mt Tuesday evening, then inched up to RMB 16,300/mt, but fell slightly later and closed the day at RMB 16,240/mt, up RMB 45/mt or 0.28%. Total positions increased 2,196 to 138,422. SHFE 1506 zinc contract prices opened at RMB 16,240/mt on Wednesday, and extended gains, but rolled back early increases as a large number of longs left the market, and closed at RMB 16,190/mt, down RMB 5/mt or 0.03%. Trading volumes decreased 8,688 to 60,812 lots, and total positions fell 7,992 to 128,234. SHFE 1506 zinc contract prices are expected to meet resistance at RMB 16,300-16,500/mt in the near term.

#0 zinc prices were between RMB 16,070-16,090/mt, RMB 100-80/mt below SHFE 1506 zinc contract prices. #1 zinc was traded between RMB 15,970-15,990/mt. SHFE 1506 zinc contract prices fell to RMB 16,170/mt after opening, causing spot discounts to narrow from RMB 120-100/mt to RMB 100-80/mt. Traders lacked profit, leaving trading muted. Cargo holders held back goods, while downstream buyers took a wait-and-see attitude due to limited orders and since they had built stocks previously, with transactions quiet. Shuangyan and Yuguang #0 zinc prices were RMB 16,080-16,090/mt, RMB 90-80/mt below SHFE 1506 zinc contract prices. Qinxin and Qilin #0 zinc prices were RMB 16,070-16,080/mt, with spot discounts of RMB 100-90/mt against SHFE 1506 zinc contract prices. SMC #0 zinc prices were RMB 16,050-16,060/mt, with spot discounts of RMB 130-120/mt against SHFE 1506 zinc contract prices. Indian and Netherlandish #0 zinc prices were RMB 15,980-16,000/mt, with spot discounts of RMB 190-180/mt against SHFE 1506 zinc contract prices. SHFE 1506 zinc contract prices remained steady in the afternoon. When combined with stable spot discounts, trading muted.