SHANGHAI, Jun. 10 (SMM) – SHFE 1508 zinc contract prices opened at RMB 16,285/mt Monday evening, then surged to RMB 16,375/mt, but fell back to RMB 16,300/mt later on and closed at RMB 16,305/mt, up RMB 30/mt or 0.18%. SHFE 1508 zinc contract prices opened at RMB 16,320/mt, then rebounded with LME zinc prices, though increases were modest, and closed at RMB 16,330/mt, up RMB 55/mt or 0.34%. Trading volumes increased 3,352 to 84,136 lots, and total positions fell 1,096 to 127,460. Any downward room for SHFE 1508 zinc contract prices will lack ability to rise this evening.
#0 zinc prices were between RMB 16,270-16,290/mt, RMB 40-20/mt below SHFE 1508 zinc contract prices. #1 zinc prices were RMB 16,230-16,240/mt. SHFE 1508 zinc contract prices fluctuated between RMB 16,300-16,320/mt, up RMB 30/mt, with spot discounts expanding RMB 10-20/mt. Cargo holders held prices firm, but traders were unwilling to purchase on the lack of arbitrage opportunity. Downstream buyers purchased as needed, leaving overall transactions quiet. SHFE 1508 zinc contract prices edged up slightly in the afternoon, with spot discounts widening RMB 10/mt and trading quiet.