SHANGHAI, May 13 (SMM) – SHFE 1507 zinc contract prices opened at RMB 17,000/mt Monday evening, then slipped to as low as RMB 16,875/mt, and closed at RMB 16,885/mt, down RMB 150/mt or 0.88%. SHFE 1507 zinc contract prices opened at RMB 16,895/mt on Tuesday, then dipped to as low as RMB 16,820/mt, and closed at RMB 16,870/mt, down RMB 165/mt or 0.97%. Trading volumes increased 1,220 to 162,110 lots, and total positions fell 13,572 to 137,510. SHFE 1507 zinc contract prices are expected to fall to test the 20-day moving average this evening.
#0 zinc prices were between RMB 16,730-16,780/mt, RMB 120-90/mt below SHFE 1507 zinc contract prices. #1 zinc was traded between RMB 16,710-16,720/mt, with spot discounts narrowing to RMB 150/mt against SHFE 1507 zinc contract prices. SHFE 1507 zinc contract prices fell to RMB 16,850-16,870/mt after opening, with spot discounts of #0 zinc contracting to RMB 120-90/mt against SHFE 1507 zinc contract prices. Traders sold actively on narrowing spot discounts, and some of them purchased at lower prices, with overall transactions brisk. Downstream buyers purchased as needed, with overall transactions improving. Shuangyan and Huize #0 zinc prices were RMB 16,750-16,780/mt, RMB 100-90/mt below SHFE 1507 zinc contract prices. Yuguang #0 zinc prices were RMB 16,740-16,770/mt, RMB 110-100/mt below SHFE 1507 zinc contract prices. Qilin, Jiulong and Qinxin #0 zinc prices were RMB 16,730-16,750/mt, with spot discounts of RMB 120-110/mt against SHFE 1507 zinc contract prices. Baohui, Bailing and SMC #0 zinc prices were RMB 16,700-16,720/mt, with spot discounts of RMB 150-140/mt against SHFE 1507 zinc contract prices. Indian #0 zinc prices were RMB 16,690-16,710/mt, with spot discounts of RMB 160-150/mt against SHFE 1507 zinc contract prices. SHFE 1507 zinc contract prices remained steady in the afternoon, with spot prices also unchanged.
