SHANGHAI, Sept. 6 (SMM) – SHFE 1511 zinc contract prices opened at RMB 14,610/mt Monday evening, then dipped to RMB 14,565/mt, but raced up to RMB 14700/mt due to short covering and closed at RMB 14,690/mt, down RMB 40/mt or 0.27%. SHFE 1511 zinc contract prices touched RMB 14,785/mt after opening, then fluctuated between RMB 14,700-14,750/mt, and inched lower in the afternoon, and closed at RMB 14,680/mt, down RMB 50/mt or 0.34%. Trading volumes decreased 14,502 to 64,450 lots, and total positions grew 516 to 119,416.
#0 zinc prices were between RMB 14,810-14,860/mt, RMB 60-110/mt above SHFE 1510 zinc contract prices. #1 zinc supply was tight, with prices of RMB 14,690-14,710/mt. Imported #0 zinc prices were RMB 80-110/mt above SHFE 1510 zinc contract prices. Supply was ample with high inventories at cargo holders, despite smelters holding back goods. Spot premiums were thus constrained. Downstream buyers replenished stocks ahead of the holiday, allowing overall transactions to improve.