SHAGNHAI, Aug. 4 (SMM) -- On Wednesday, SHFE 1110 zinc contract prices opened lower at RMB 18,440/mt, with prices moving between RMB 18,300-18,400/mt in the morning session. Boosted by LME zinc prices, SHFE 1110 zinc contract prices rose to RMB 18,535/mt, touching the 20-day moving average. At the end of trading, SHFE 1110 zinc contract prices finally closed with declines at RMB 18,395/mt as a large number of longs left the market, down RMB 125/mt. Trading volumes increased by 6,000 lots to 287,348 lots, and total positions decreased by 2,722 lots to 241,020 lots.
In spot markets, SHFE zinc prices opened lower and rose slightly at noon, while #0 zinc was traded at RMB 18,000/mt in the morning session, with discounts of negative RMB 400/mt against SHFE 1110 zinc contract prices. Pushed up by SHFE zinc prices, spot zinc prices climbed to RMB 18,050/mt later the day, and with discounts expanding to negative RMB 450/mt. #1 zinc was traded between RMB 17,950-18,000/mt. Smelters were holding goods at RMB 18,000/mt, while traders were aggressively selling goods given narrowing discounts, keeping transactions brisk. Downstream buyers increased purchases, but were still cautious.
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