SHANGHAI, Jan. 14 (SMM) -- SHFE zinc prices opened down 4%, and SHFE three-month contract zinc prices recovered after dipping to RMB 20,325/mt, but lacked upward momentum, and hit the highest level of RMB 20,830/mt, with prices finally closing down 4.28%. Positions of SHFE three-month zinc contract declined by 12,650 lots.
In the spot zinc market, SMM offers for #0 zinc were RMB 20,050-20,150/mt, and market offers advanced to RMB 20,200-20,250/mt along with improving market confidence, as SHFE zinc prices ended its downward trend. Although inquiries were up, and traders holding cargos were willing to sell goods, downstream consumers remained cautious, with further downward corrections expected and market risks still existing.
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