SHANGHAI, May 8 (SMM) – SHFE 1507 zinc contract prices opened at RMB 17,350/mt Wednesday evening, then dropped to RMB 17,200/mt, and closed at RMB 17,215/mt, down RMB 155/mt or 0.89%. Trading volumes decreased 46,156 to 93,310 lots, and total positions declined 6,246 to 173,970. SHFE 1507 zinc contract prices opened at RMB 17,210/mt on Thursday, then fluctuated between RMB 17,180-17,220/mt, and closed at RMB 17,185/mt, down RMB 185/mt or 1.07%. Trading volumes decreased 108,060 to 157,446 lots, and total positions fell 10,074 to 170,142. SHFE 1507 zinc contract prices are expected to rise this evening.
#0 zinc prices were between RMB 17,040-17,070/mt, RMB 150-120/mt below SHFE 1507 zinc contract prices. #1 zinc was traded between RMB 17,000-17,020/mt. SHFE 1507 zinc contract prices fluctuated around RMB 17,180/mt after opening, with spot discounts as high as RMB 160/mt at one point. As SHFE zinc prices fell later on, spot discounts were between RMB 150-120/mt. Smelters sold actively on high zinc prices, and traders also ramped up supply, causing supply to grow and weighing down spot prices. Downstream buyers purchased as needed, with overall transactions improving. Shuangyan #0 zinc prices were RMB 17,060-17,070/mt, RMB 130-120/mt below SHFE 1507 zinc contract prices. Yuguang and Huize #0 zinc prices were RMB 17,050-17,060/mt, RMB 140-130/mt below SHFE 1507 zinc contract prices. Qilin, Qinxin and Jiulong #0 zinc prices were RMB 17,040-17,050/mt, with spot discounts of RMB 150-140/mt against SHFE 1507 zinc contract prices. Baohui and Bailing #0 zinc prices were RMB 17,020-17,030/mt, with spot discounts of RMB 170/mt against SHFE 1507 zinc contract prices. SMC #0 zinc prices were RMB 17,040-17,050/mt, with spot discounts of RMB 150-140/mt against SHFE 1507 zinc contract prices. Indian and Namibia’s #0 zinc prices were RMB 16,980-16,990/mt, with spot discounts of RMB 200/mt against SHFE 1507 zinc contract prices. SHFE 1507 zinc contract prices hovered around RMB 17,200/mt in the afternoon, with spot discounts narrowing to RMB 140-120/mt, But transactions were quiet.
