SMM Zinc Market Daily Review (2015-7-2)

SHANGHAI, Jul. 3 (SMM) –SHFE 1509 zinc contract prices opened at RMB 15,340/mt, then rallied to RMB 15,500/mt, and closed at RMB 15,530/mt, up RMB 300/mt. SHFE 1509 zinc contract prices fluctuated between RMB 15,520-15,580/mt on Thursday, and met strong resistance at the 10-day moving average, and closed at RMB 15,575/mt, up RMB 345/mt or 2.27%. Trading volumes increased 1,074 to 135,990 lots, and total positions decreased 4,094 to 135,418. SHFE 1509 zinc contract prices will point toward the 10-day moving average this evening.

#0 zinc prices were between RMB 15,520-15,550/mt, RMB 20/mt below or 20/mt above SHFE 1509 zinc contract prices. #1 zinc prices were RMB 15,470-15,500/mt. SHFE 1509 zinc contract prices rose RMB 300/mt to RMB 15,530-15,540/mt. cargo holders sold proactively on rising zinc prices, leading to ample supply. Most traders took a wait-and-see posture, and downstream buyers also lacked buying interest, with overall transactions quiet. SHFE 1509 zinc contract prices rose RMB 30/mt in the afternoon, with spot discounts between RMB 0-20/mt against SHFE 1509 zinc contract prices.