SHANGHAI, Apr. 10 (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 16,040-16,070/mt, RMB 90-70/mt below SHFE 1506 zinc contract prices. #1 zinc was traded between RMB 15,940-15,970/mt. SHFE 1506 zinc contract prices fell to RMB 16,120-16,140/mt after opening, down RMB 40/mt, causing spot discounts to narrow to RMB 90-70/mt. Most smelters took a wait-and-see attitude. Inflows of imported zinc decreased slightly on falling SMM/LME zinc price ratio, allowing some cargo holders to hold prices firm. Some traders purchased at lower prices, and downstream buyers purchased modestly, keeping overall transactions muted. Shuangyan and Yuguang #0 zinc prices were RMB 16,050-16,070/mt, RMB 80-70/mt below SHFE 1506 zinc contract prices. Qinxin and Qilin #0 zinc prices were RMB 16,040-16,060/mt, with spot discounts of RMB 90-80/mt against SHFE 1506 zinc contract prices. SMC #0 zinc prices were RMB 15,990-16,000/mt, with spot discounts of RMB 140-130/mt against SHFE 1506 zinc contract prices. YP and KZ #0 zinc prices were RMB 15,980-15,990/mt, with spot discounts of RMB 150-140/mt against SHFE 1506 zinc contract prices. Indian #0 zinc prices were RMB 15,960-15,970/mt, with spot discounts of RMB 170/mt against SHFE 1506 zinc contract prices.