SHANGHAI, Apr. 24 (SMM) – SHFE 1506 zinc contract started at RMB 16,605/mt on Thursday and dipped to a low of RMB 16,430/mt after HSBC reported China’s manufacturing PMI weakened. Later, the prices regained some earlier losses and closed at RMB 16,560/mt, up RMB 35/mt. Trading volumes increased 21,836 lots and positions declined 2964.
Prices of #0 zinc were RMB 16,380-16,450/mt, with discounts of RMB 60-100/mt to SHFE 1506 zinc contract. #1 zinc traded at RMB 16,300-16,340/mt. Supply of ordinary brands declined some after SHFE zinc declined early Thursday, while downstream buyers refrained from buying for fear of further falls.
As for #0 zinc trades, Shuangyan brand sold for RMB 16,410-16,450/mt, with discounts of RMB 60-80/mt to SHFE 1506 zinc contract. Yuguang brand traded at RMB 16,400-16,440/mt, with discounts of RMB 80-100/mt. Product of Qilin and Qinxin brands traded at RMB 16,380-16,400/mt. Transactions of SMC were made at RMB 16,370-16,390/mt, and prices of nanometer #0 zinc were RMB 16,320-16,340/mt, a discount of RMB 160/mt to the June delivery SHFE zinc. Spot discounts widened slightly to RMB 80-110/mt in the afternoon.