SHANGHAI, Apr. 27 (SMM) – SHFE 1507 zinc contract dropped after starting Friday’s daytime trading and then stabilized at RMB 16,500/mt before ending at RMB 16,595/mt, up RMB 10/mt. Trading volumes shed 34,994 lots and positions grew 1,886. The most active zinc contract is feeling greater resistance, but support at RMB 16,500/mt is solid.
Prices of #0 zinc were RMB 16,400-16,430/mt, with discounts of RMB 70-100/mt to SHFE 1506 zinc contract. #1 zinc traded at RMB 16,330-16,350/mt. Although smelters shipped out goods normally, supply of ordinary brands declined, narrowing its price gap with well-known brands. Some downstream buyers started building stocks for the May Day holiday.