SHANGHAI, Jul. 13 (SMM) – SHFE 1509 zinc contract prices opened at RMB 15,280/mt Thursday evening, then hovered around RMB 15,300/mt, and closed at RMB 15,305/mt, up RMB 270/mt. SHFE 1509 zinc contract prices surged to RMB 15,475/mt on Friday then fell back, and closed at RMB 15,290/mt, up RMB 260/mt or 1.73%. Trading volumes decreased 68,708 lots to 180,552 lots, and total positions increased 7,270 to 128,290. SHFE 1509 zinc contract prices are expected to point toward RMB 15,300/mt this evening.
#0 zinc prices were between RMB 15,370-15,430/mt, RMB 10-70/mt above SHFE 1509 zinc contract prices. #1 zinc prices were RMB 15,350-15,370/mt. SHFE 1509 zinc contract prices rose to RMB 15,350-15,380/mt, causing spot premiums to fall to RMB 20-70/mt against the first. SHFE 1509 zinc contract prices touched RMB 15,450/mt at one point, with spot premiums narrowing to zero, but trading was muted. Smelters were still unwilling to sell despite rising zinc prices, and supply from some traders was also modest, leading to firm spot premiums. Downstream, purchasing was modest, and trading by traders under term contracts increased, allowing overall transactions to improve. SHFE 1509 zinc contract prices continued to fall in the afternoon, with spot premiums between RMB 20-40/mt, and transactions limited.