SHANGHAI, Jun. 15 (SMM) –SHFE 1508 zinc contract prices opened at RMB 16,280/mt Thursday evening, then plummeted to RMB 16,100/mt, but increased to RMB 16,200/mt and closed at RMB 16,205/mt, down RMB 130/mt or 0.8%. Trading volumes increased 22,568 to 69,318 lots, and total positions increased 588 to 124,000. SHFE 1508 zinc contract prices opened at RMB 16,200/mt Friday morning, and touched RMB 16,270/mt in the morning on the leaving of shorts, but fell back on market pessimism, and closed at RMB 16,130/mt, down RMB 205/mt or 1.25%. Trading volumes increased 24,364 to 118,598 lots, and total positions declined 442 to 123,048. SHFE 1508 zinc contract prices will fall to test RMB 16,000/mt this evening.
#0 zinc prices were between RMB 16,180-16,210/mt, RMB 0-30/mt below SHFE 1508 zinc contract prices. #1 zinc prices were RMB 16,150-16,160/mt, with RMB 16,090-16,100/mt for Kazakhstan #1 zinc. SHFE 1508 zinc contract prices fluctuated around RMB 16,200/mt, down RMB 100/mt, with spot discounts only narrowing RMB 10/mt. This allowed some cargo holders to release goods, leading to ample supply. Traders were unwilling to purchase on small SHFE zinc price volatility and stable spot discounts, muting transactions. Downstream buying interest was also weak. SHFE 1508 zinc contract prices dipped to as low as RMB 16,130/mt in the afternoon, with spot discounts contracting RMB 10/mt.