SHANGHAI, Aug. 26 (SMM) – LME zinc prices opened at USD 1,705.5/mt on Tuesday, then fluctuated narrowly during Asian trading. During European and US trading, LME zinc prices edged up to USD 1,735-1,750/mt, and closed at USD 1,738/mt, up USD 19/mt or 1.11%. Trading volumes decreased 4,402 to 10,057 lots, and total positions grew 112 to over 300,000.
SHFE 1510 zinc contract prices opened at RMB 14,555/mt Tuesday evening, and closed at RMB 14,565/mt, up RMB 175/mt or 1.22%. Total trading volumes were down 48,916 to 39,436 lots, and total positions declined 448 to 128,568.
LME zinc prices should fluctuate between USD 1,715-1,745/mt today, and SHFE 1510 zinc contract prices will hover between RMB 14,400-14,600/mt, with spot premiums of RMB 260-420/mt.
al'>300-450/mt above SHFE 1510 zinc contract prices. #1 zinc supply was tight, with prices of RMB 14,650-14,660/mt. Spot premiums of imported #0 zinc were RMB 50-120/mt against SHFE 1510 zinc contract prices. Market players purchased at lows as zinc prices fell, but supply of a few brands was limited. Traders held their quotes firm, increasing spot premiums, but trading was limited. Traded prices were between RMB 14,690-14,830/mt in the afternoon.