SHANGHAI, Jul. 29 (SMM) – SHFE 1509 zinc contract prices opened at RMB 14,680/mt Monday evening, then stabilized at RMB 14,700-14,750/mt, and closed at RMB 14,715/mt, down RMB 150/mt or 1.01%. Trading volumes decreased 11,346 to 37,466 lots, and total positions fell 362 to 104,256. SHFE 1509 zinc contract prices edged up to RMB 14,800/mt after opening on Tuesday, touching as high as RMB 14870/mt and closed at RMB 14,835/mt, down RMB 30/mt or 0.2%. Trading volumes decreased over 30,000 lots, and total positions fell over 50,000 to 98,952. SHFE 1509 zinc contract prices are expected to weaken.
#0 zinc prices were between RMB 14,900-14,980/mt, RMB 120-160/mt above SHFE 1509 zinc contract prices last Friday. #1 zinc prices were RMB 14,850-14,880/mt. SHFE 1509 zinc contract prices opened low at RMB 14680/mt, then edged up and closed at RMB 14,820/mt. Smelters were still reluctant to sell, and traders took a wait-and-see posture. But downstream buyers purchased at lows, helping improve trading. SHFE 1509 zinc contract prices fell slightly in the afternoon, allowing bargain hunters to enter the market. But cargo holders were holding back goods, with #0 zinc trading between RMB 14,930-14,950/mt, RMB 140-160/mt above SHFE 1509 zinc contract prices.