SHAGNHAI, Oct. 13 (SMM) -- On Wednesday, SHFE three-month zinc contract prices opened lower at RMB 15,050/mt, falling to RMB 15,000/mt in the morning session, and dipping to an intraday low RMB 14,860/mt. As Shanghai composite index gained momentum, SHFE three-month zinc contract prices gained back previous losses to move between RMB 15,200-15,250/mt, and finally closing at RMB 15,205/mt. Trading volumes increased by over 80,000 lots to 398,854 lots, while total positions decreased by 3,602 lots to 211,770 lots.
In domestic spot markets, #0 zinc prices were RMB 50/mt higher than SHFE 1112 zinc contract prices in the morning session as SHFE zinc prices fell, allowing arbitragers to move goods aggressively. Spot premiums narrowed as SHFE zinc prices inched up, with #0 zinc traded between RMB 15,150-15,200/mt, close to SHFE 1112 zinc contract prices. #1 zinc was traded between RMB 15,100-15,150/mt. SHFE zinc prices remained steady between RMB 15,200-15,250/mt in the afternoon, while spot prices were at the same level, causing downstream buyers to enter the market.