SHANGHAI, Aug. 19 (SMM) – SHFE 1510 zinc contract prices opened at RMB 14,850/mt Monday evening, then touched RMB 14,935/mt but fell back below the 20-day moving average, and closed at RMB 14,815/mt, down RMB 90/mt or 0.6%. SHFE 1510 zinc contract prices hovered around RMB 14,800/mt on Tuesday morning, dipping to as low as RMB 14,680/mt in the afternoon, dragged down by China’s A-share market, and closing at RMB 14,690/mt, down RMB 215/mt or 1.44%. Trading volumes decreased 4,598 to 103,848 lots, and total positions decreased 830 to 146,850. SHFE 1509 zinc contract prices will test support from RMB 14,600/mt.
#0 zinc prices were between RMB 14,980-15,030/mt, RMB 190-240/mt above SHFE 1510 zinc contract prices on Monday. #1 zinc prices were RMB 14,930/mt. Spot premiums of imported #0 zinc were RMB 80-100/mt against SHFE 1510 zinc contract prices. Smelters sold normally at the same time as traders sold proactively, adding to domestic supply and narrowing spot premiums. Downstream buyers took a wait-and-see attitude, with overall trading improving. #0 zinc prices were quoted at RMB 10+220-250/mt in the afternoon.
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