SHAGNHAI, Aug. 17 (SMM) -- On Tuesday, SHFE three-month zinc contract prices opened above RMB 17,000/mt, then plunged below RMB 17,000/mt in the morning session on speculation that China’s central bank will raise interest rates, with prices moving between RMB 16,700-16,800/mt in the afternoon. At the end of trading, SHFE three-month zinc contract prices closed the day with declines at RMB 16,600/mt, down RMB 585/mt, or down 3.4%. Total positions increased by 61,892 lots to 241,456 lots, and trading volumes increased by 280,000 lots to 184,442 lots, with short momentum stronger.
In domestic spot markets, as SHFE three-month zinc contract prices fell below RMB 17,000/mt after opening, traded prices of #0 zinc dropped to RMB 16,600/mt, down from RMB 16,700/mt, with discounts remaining at negative RMB 200/mt against SHFE 1111 zinc contract prices. #1 zinc was traded between RMB 16,550-16,600/mt. The market was cautious at fluctuating zinc prices, leaving transactions quiet. Market confidence was depressed as SHFE zinc prices fell in the afternoon.
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