SHANGHAI, Jul. 17 (SMM) – SHFE 1509 zinc contract prices opened at RMB 15,780/mt Wednesday evening, then edged down to RMB 15,700/mt, and closed at RMB 15,665/mt, up RMB 80/mt. SHFE 1509 zinc contract prices dipped to RMB 15,620/mt at one point after opening, but edged up and touched as high as RMB 15,790/mt, and closed at RMB 15,760/mt, up RMB 175/mt or 1.12%. Trading volumes increased 21,664 lots to 172,932 lots, and total positions decreased 6,262 to 118,386. SHFE 1509 zinc contract prices are expected to rise to RMB 15,800/mt.
#0 zinc prices were between RMB 15,680-15,730/mt, RMB 20/mt below or RMB 20/mt above SHFE 1509 zinc contract prices. #1 zinc prices were RMB 15,640-15,680/mt. SHFE 1509 zinc contract prices fluctuated between RMB 15,680-15,690/mt, with spot premiums between RMB 0-20/mt against SHFE 1509 zinc contract prices. As SHFE 1509 zinc contract prices edged up to RMB 15,700-15,740/mt, spot discounts were RMB 0-20/mt. Smelters increased supply on rising zinc prices, but traders sold modestly, with overall supply limited. Traders were unwilling to purchase at high price afer delivery, and downstream buyers purchased as needed, with overall transactions limited. SHFE 1509 zinc contract prices fluctuated between RMB 15,720-15,770/mt in the afternoon, with spot discounts between RMB 0-20/mt.