Chinese Zinc Scrap prices drop in line with SHFE Zinc Futures

CHINA January 07 2016 1:28 PM

SHANGHAI (Scrap Register): Chinese zinc scrap prices dropped on Scrap Register Price Index as on Wednesday in line with zinc futures prices at Shanghai Futures Exchange amid more volatility in China’s financial markets and fresh signs of weakness in the economy of the world’s biggest metals consumer.

According to the Scrap Register Price Index, the major Chinese zinc scrap commodities like zinc scrap, zinc die cast (old) and zinc die cast with lead traded down on Wednesday.

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However, the most active 1603 zinc contract on the Shanghai Futures Exchange settled lower by 95 yuan per ton to 13,140 yuan per ton on Wednesday from the previous close of 13,235 yuan per ton. The SHFE aluminum prices touched an intra-day high of 13,300 yuan per ton and an intra-day low of 13,030 yuan per ton during Wednesday.

Zinc lost as much as 1.6 %to $1 548 a metric ton on the London Metal Exchange and traded at $1552. Base metals have opened 2016 with fresh losses as data point to further weakness in China’s economy and the country’s stocks have been routed, spurring state support.