SHANGHAI, May 15 (SMM) – SHFE 1507 zinc contract prices opened at RMB 17,150/mt Wednesday evening, then dropped below RMB 17,000/mt, and closed at RMB 16,935/mt, down RMB 105/mt or 0.62%. Trading volumes increased 47,506 to 107,528 lots, and total positions fell 10,638 to 133,764. SHFE 1507 zinc contract prices opened at RMB 16,930/mt on Thursday, then dipped to RMB 16,890/mt in the morning, and reached RMB 17,015/mt in the afternoon, and closed at RMB 17,000/mt, down RMB 40/mt or 0.23%. Trading volumes increased 26,312 to 173,986 lots, and total positions fell 12,330 to 132,072. SHFE 1507 zinc contract prices are expected to meet resistance at RMB 17,000/mt this evening.
#0 zinc prices were between RMB 16,800-16,840/mt, RMB 150-110/mt below SHFE 1507 zinc contract prices. #1 zinc was traded between RMB 16,750-16,780/mt. SHFE 1507 zinc contract prices fell RMB 100/mt, with spot discounts largely unchanged. Traders sold actively on dropping SHFE zinc prices, and smelters moved goods normally, leaving supply sufficient. Downstream buying interest, however, was weak. Shuangyan and Huize #0 zinc prices were RMB 16,830-16,840/mt, RMB 120-110/mt below SHFE 1507 zinc contract prices. Yuguang #0 zinc prices were RMB 16,810-16,820/mt, RMB 120-130/mt below SHFE 1507 zinc contract prices. Qilin, Jiulong and Qinxin #0 zinc prices were RMB 16,800-16,810/mt, with spot discounts of RMB 150-130/mt against SHFE 1507 zinc contract prices. Baohui and SMC #0 zinc prices were RMB 16,770-16,780/mt, with spot discounts of RMB 170-150/mt against SHFE 1507 zinc contract prices. Indian #0 zinc prices were RMB 16,750-16,770/mt, with spot discounts of RMB 180-170/mt against SHFE 1507 zinc contract prices. SHFE 1507 zinc contract prices edged up in the afternoon, with spot discounts steady and buying interest low.
