SMM Zinc Market Daily Review (2015-9-17)

SHANGHAI, Sept. 18 (SMM) – SHFE 1511 zinc contract prices opened at RMB 14,400/mt Wednesday evening, then edged up to RMB 14,540/mt, and closed at RMB 14,490/mt, up RMB 95/mt or 0.66%. Trading volumes were down 5,680 to 70,466 lots. Total positions decreased 2,066 to 128,000. SHFE 1511 zinc contract prices fell after opening on Thursday, and moved between RMB 14,430-14,460/mt, and closed at RMB 14,450/mt, up RMB 60/mt or 0.42%. Trading volumes decreased 11,788 to 134,736 lots, and total positions fell 1,706 to 128,664. SHFE 1511 zinc contract prices are expected to test support from RMB 14,400/mt.

#0 zinc prices were between RMB 14,470-14,610/mt, RMB 40-160/mt above SHFE 1511 zinc contract prices. #1 zinc traded at RMB 14,370-14,380/mt. Discounts of imported zinc were RMB 110-50/mt. Smelters sold modestly, and market players mostly remained cautious, leaving trading quiet. Prices were between RMB 14,490-14,640/mt in the afternoon. Traders replenished stocks at lows while downstream buyers remaining reticent.