SHANGHAI, Jun. 8 (SMM) – SHFE 1507 nickel contract prices opened at RMB 108,470/mt Monday evening, then fluctuated between RMB 108,400-108,700/mt, and closed at RMB 108,450/mt, down 0.15%. Trading volumes decreased 1,470 to 208,000. Total positions increased 5,654 to 127,000. SHFE 1507 nickel contract prices opened at RMB 108,470/mt on Tuesday, then plunged as a large number of longs left the market, and closed at RMB 106,430/mt, down 1.86%. Trading volumes decreased 77,000 to 467,000, and total positions declined 4,930 to 116,000.
#0 zinc prices were between RMB 16,230-16,260/mt, RMB 50-30/mt below SHFE 1508 zinc contract prices. #1 zinc prices were RMB 16,210-16,220/mt. SHFE 1508 zinc contract prices fluctuated between RMB 16,270-16,290/mt, down RMB 70/mt, but spot discounts did not narrow noticeably. Some smelters held back goods, but traders released more goods, leaving supply ample. Downstream buyers most took a wait-and-see attitude, and tracked also lacked buying interest, leaving overall transactions quiet. SHFE 1508 zinc contract prices slid to RMB 16,200/mt in the afternoon, with spot discounts of #0 zinc narrowing RMB 20-30/mt and trading quiet.
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