SHAGNHAI, Aug. 19 (SMM) -- On Thursday, SHFE 1111 zinc contract prices opened at RMB 16,980/mt and fell further later, but then gained momentum tracking LME zinc prices. At noon, SHFE 1111 zinc contract prices were pushed up to a intraday high at RMB 17,280/mt but then inched down in the afternoon to finally close at RMB 17,030/mt, up RMB 120/mt, above the 10-day moving average. Trading volumes increased notably by over 410,000 lots to 837,200 lots, with the turnover rate 361%, and total positions increased by 18,382 lots to 231,796 lots.
In domestic spot markets, spot zinc prices rose in tandem with SHFE three-month zinc contract prices. Traded prices of #0 zinc were between RMB 16,650-16,700/mt in the morning session, and rose to RMB 16,900-16,950/mt along with SHFE zinc prices, with discounts expanding to negative RMB 130-150/mt against SHFE 1111 zinc contract prices. #1 zinc was traded between RMB 16,850-16,900/mt. As rising prices boosted market confidence, transactions were brisk. But the market buying interest weakened in the afternoon as SHFE zinc prices fell, leaving transactions quiet.