SHAGNHAI, Aug. 8 (SMM) -- Last Friday, SHFE zinc prices opened lower at RMB 17,885/mt, tracking LME zinc prices overnight. In the morning session, SHFE zinc prices fell by the daily limit within 15 minutes, and then rallied to move between RMB 17,250-17,300/mt during the day. In the afternoon, SHFE zinc prices slid by the daily limit again and finally closed at RMB 17,165/mt, down RMB 1100/mt, or down 6.02%. Trading volumes increased by over 120,000 lots to 423,858 lots, and total positions decreased by 33,670 lots to 201,730 lots. A large number of longs left the market with profit-taking.
In spot markets, as SHFE zinc prices opened lower and fell by the daily limit after opening, spot zinc prices plunged. #0 zinc was traded between RMB 17,020-17,080/mt, with discounts of negative RMB 250-280/mt against SHFE 1110 zinc contract prices. #1 zinc was traded at RMB 17,000/mt.Smelters were holding goods, while arbitragers were aggressively selling goods, and downstream buyers increased purchases at lower prices, causing transactions to improve.
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