SHANGHAI, Jan. 21 (SMM) -- SHFE zinc prices opened high but moved lower, remaining on a downward track and showing weak performance on January 20th. SHFE 1004 zinc contract slipped in the morning following weakening domestic A-share market, but later regained positively affected by other metals prices. SHFE zinc prices moved in a "V" shape, with the lowest level at RMB 20,960/mt.
In the spot zinc market, offers for #0 zinc climbed from RMB 20,250-20,300/mt to RMB 20,350/mt in Shanghai market, being in SMM zinc price range, but the wait-and-see sentiment prevailed among market players, resulting in difficulties in transactions and helping expand spot discounts significantly. Spot discounts were RMB 500/mt against SHFE 1004 zinc contract on January 19th, but have expanded to RMB 650/mt on January 20th. SHFE 1005 zinc contract prices closed at RMB 20,950/mt finally, with technical indicators showing SHFE zinc prices will experience corrections in the short term.
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