SHANGHAI, May 22 (SMM) – SHFE 1507 zinc contract prices opened at RMB 16,600/mt Wednesday evening, then fluctuated between RMB 16,500-16,520/mt, and closed at RMB 16,510/mt, down RMB 160/mt or 0.96%. Trading volumes decreased 19,350 to 59,178 lots, and total positions fell 1,916 to 87,986. SHFE 1507 zinc contract prices opened at RMB 16,525/mt on Thursday, then edged up and rebounded to as high as RMB 16,715/mt in the afternoon, and closed at RMB 16,620/mt, down RMB 50/mt or 0.3%. Trading volumes decreased 28,376 to 214,456 lots, and total positions fell 8,198 to 81,704. SHFE 1507 zinc contract prices are expected to fall further this evening.
#0 zinc prices were between RMB 16,530-16,580/mt, RMB 100-70/mt below SHFE 1507 zinc contract prices. #1 zinc was traded between RMB 16,500-16,510/mt. SHFE 1507 zinc contract prices inched up to RMB 16,630/mt after opening, with spot discounts narrowing RMB 10-20/mt. Some smelters were holding back goods on falling zinc prices, but traders were selling actively, leading to ample supply. Some traders purchased at lower prices, and downstream buyers purchased as needed, leaving overall transactions quiet. Huize and Shuangyan #0 zinc prices were RMB 16,550-16,580/mt, RMB 80-70/mt below SHFE 1507 zinc contract prices. Yuguang #0 zinc prices were RMB 16,540-16,570/mt, RMB 90-80/mt below SHFE 1507 zinc contract prices. Qilin, Feilong and Qinxin #0 zinc prices were RMB 16,530-16,550/mt, with spot discounts of RMB 100-90/mt against SHFE 1507 zinc contract prices. SMC and Baohui #0 zinc prices were RMB 16,500-16,510/mt, with spot discounts of RMB 140-120/mt against SHFE 1507 zinc contract prices. Indian #0 zinc prices were RMB 16,480-16,490/mt, with spot discounts of RMB 160-140/mt against SHFE 1507 zinc contract prices. SHFE 1507 zinc contract prices fell from RMB 16,630/mt in the afternoon, with spot discounts largely unchanged, and trading muted.
