SHANGHAI, Jun. 23 (SMM) –The SHFE market was closed yesterday due to the Dragon Boat Festival in China.
SHFE 1508 zinc contract prices opened at RMB 15,645/mt on Tuesday, then hovered aournd RMB 15,670/mt. HSBC’s June manufacturing PMI topped market expectations, but trading was quiet. Market expectations over China’s additional stimulus measures weakened on positive data, depressing market sentiment. SHFE 1508 zinc contract prices dipped to RMB 15,555/mt at one point, then fluctuated between RMB 15,580-15,620/mt, and closed at RMB 15,595/mt, down RMB 160/mt or 1.02%. Trading volumes decreased over 60,000 to 50,000 lots, and total positions declined 560 to 110,000. Positions of SHFE 1509 zinc contracts increased 4,716. SHFE 1508 zinc contract prices will point toward RMB 15,500/mt.