SHANGHAI, Sept. 16 (SMM) – SHFE 1511 zinc contract prices opened at RMB 14,605/mt Monday evening, then dipped to RMB 14,430/mt, and closed at RMB 14,445/mt. Trading volumes were up 27,864 to 72,816 lots. SHFE 1511 zinc contract prices opened at RMB 14,480/mt on Tuesday, and met resistance at RMB 14,500/mt. In the afternoon, SHFE 1511 zinc contract prices slipped all the way to RMB 14,400/mt, and closed at RMB 14,380/mt, down RMB 395/mt or 2.67%. Trading volumes increased 51,040 to 165,000 lots, and total positions grew 178 to 128,000.
#0 zinc prices were between RMB 14,540-14,590/mt, RMB 60-130/mt above SHFE 1511 zinc contract prices. #1 zinc traded at RMB 14,380-14,390/mt. Discounts of imported zinc were RMB 100-70/mt. Smelters held back goods on tumbling zinc prices. But traders released goods actively, with downstream buying at lows and overall trading brisk. Spot premiums/discounts narrowed slightly in the afternoon as SHFE zinc prices extended losses. Spot discounts of imported zinc were RMB 40/mt, and #0 zinc prices were RMB 14,440-14,550/mt, RMB 60-170/mt above HFE 1511 zinc contract prices.