SHANGHAI, Apr. 23 (SMM) – SHFE 1506 zinc contract prices opened at RMB 16,440/mt, then touched RMB 16,500/mt, and closed the day at RMB 16,525/mt, up RMB 100/mt or 0.61%.
SHFE 1506 zinc contract prices opened at RMB 16,530/mt on Tuesday, then fell to RMB 16,480/mt in the morning, then leveled out, but reached RMB 16,590/mt in the afternoon, and closed at RMB 16,555/mt, up RMB 130/mt or 0.79%. Trading volumes decreased 24,040 to 68,304 lots, and total positions decreased 2,142 to 91,032. SHFE 1506 zinc contract prices are expected to strengthen this evening.
Prices of #0 zinc were RMB 16,400-16,450/mt, with discounts of RMB 80-110/mt to SHFE 1506 zinc contract. #1 zinc traded at RMB 16,340-16,350/mt, with some goods offered at RMB 16,360-16,370/mt. Zinc smelters moved goods normally after the price hike, but a few cargo holders cut shipments with goods tied up in futures market. Some intermediaries bought in spot markets to fulfill term contracts, but most downstream buyers only watched from the sidelines.
Shuangyan-brand #0 zinc sold for RMB 16,430-16,450/mt, with discounts of RMB 70-90/mt to SHFE 1506 zinc contract. Yuguang’s #0 zinc traded at RMB 16,420-16,440/mt, with discounts of RMB 80-90/mt. The same product from of Qilin and Qinxin brands traded at RMB 16,420-16,440/mt. Deals of Felong brand were made at RMB 16,400-16,430/mt, and SMC brand sold for RMB 16,390-16,420/mt. Indian #0 zinc traded at discounts of RMB 170-160/mt to the June delivery SHFE zinc, namely RMB 16,340-16,380/mt. Spot discounts did not expand in the afternoon.