SHANGHAI, Aug. 6 (SMM) – SHFE 1510 zinc contract prices opened low at RMB 14,680/mt Wednesday evening, then hovered between RMB 14,580-14,630/mt, and closed at RMB 14,600/mt, down RMB 135/mt or 0.92%. SHFE 1510 zinc contract prices surged to RMB 14,710/mt then fell on Thursday, and closed at RMB 14,625/mt, down RMB 110/mt or 0.75%. Trading volumes increased 4,386 to 109,062 lots, and total positions increased 7,770 to 162,868. SHFE 1509 zinc contract prices are expected to find support from RMB 14,600/mt.
#0 zinc prices were between RMB 14,930-14,980/mt, RMB 280-300/mt above SHFE 1510 zinc contract prices on Thursday. #1 zinc prices were RMB 14,880-14,900/mt. Spot premiums of imported zinc were RMB 220-240/mt against SHFE 1510 zinc contract prices. SHFE 1510 zinc contract prices opened at RMB 14,620/mt after opening, then edged up to RMB 14,710/mt. Smelters held back goods, leading to supply tightness of registered #0 zinc. Traders kept quotes firm. Supply of imported zinc increased, with trading mainly done for the first. Downstream buyers purchased as needed. Spot premiums grew in the afternoon as traders lifted prices on tight supply, with price for domestic registered brands between RMB 14,930-14,990/mt and trading muted.