SHANGHAI, Jun. 17 (SMM) – SHFE 1508 zinc contract prices opened at RMB 16,060/mt Monday evening, then dropped to RMB 16,100/mt, and closed at RMB 16,095/mt, down RMB 75/mt or 0.46%. Trading volumes decreased 2,282 to 26,874 lots, and total positions increased 364 to 123,472. SHFE 1508 zinc contract prices opened at RMB 16,060/mt on Tuesday, then struggled at RMB 16,100/mt and closed at RMB 16,095/mt, down RMB 75/mt or 0.46%. Trading volumes decreased 15,548 to 60,406 lots, and total positions decreased 1,120 to 122,000. SHFE 1506 zinc contract prices should face pressure.
#0 zinc prices were between RMB 16,100-16,120/mt, RMB 10/mt below SHFE 1508 zinc contract prices. #1 zinc prices were RMB 16,070-16,090/mt. SHFE 1508 zinc contract prices fluctuated between RMB 16,120-16,130/mt, with spot discounts narrowing to RMB 0-10/mt. Smelters held onto their goods, while cargo holders sold actively, leaving supply ample. Traders refrained from purchasing on the lack of arbitrage opportunities. Downstream buying interest was also low, leaving overall transactions quiet. SHFE 1508 zinc contract prices rallied after dipping to RMB 16,070/mt in the afternoon, with spot discounts around RMB 0/mt.