SHANGHAI, Jul. 6 (SMM) – SHFE 1509 zinc contract prices opened at RMB 15,550/mt Thursday evening, then touched RMB 15,655/mt, but fell back to RMB 15,500-15,550/mt later on and closed at RMB 15,545/mt, up RMB 60/mt. SHFE 1509 zinc contract prices fell after opening on Friday and dipped to RMB 15,425/mt at one point, but then rallied and fluctuated between RMB 15,500-15,530/mt, and closed at RMB 15,520/mt, up RMB 35/mt or 0.23%. Trading volumes decreased 4,094 to 131,896 lots, and total positions increased 5,518 to 140,936. SHFE 1509 zinc contract prices will test support from RMB 15,500/mt this evening.
#0 zinc prices were between RMB 15,450-15,520/mt, RMB 20/mt below or 10/mt above SHFE 1509 zinc contract prices. #1 zinc prices were RMB 15,410-15,450/mt. SHFE 1509 zinc contract prices fell to RMB 15,450/mt during 9:00-10:15 am, with prices ranging from RMB 10/mt below to RMB 10/mt above the first. During 10:30-11:30 am, SHFE 1509 zinc contract prices rose to RMB 15,500/mt, with spot discounts expanding to RMB 0-20/mt. traders purchased lower prices goods proactively. Smelters increased supply, and cargo holders sold actively, leading supply healthy. Trading for term contracts was brisk. Downstream buyers purchased as-needed, causing overall transactions to improve. SHFE 1509 zinc contract prices hovered around RMB 15,500/mt in the afternoon.