SHANGHAI, Mar. 15 (SMM) -- On Wednesday, SHFE three-month zinc contract prices opened at RMB 16,075/mt, and fell after touching the intraday high RMB 16,175/mt below the moving average. As Premier Wen said at the press conference that China will continue to use strict regulation policies to the real estate sector since domestic house prices are still too high, SHFE zinc prices fell after opening in the afternoon, with prices closing at RMB 15,905/mt, down RMB 85/mt. Trading volumes increased by 58,662 lots to 229,496 lots, and total position decreased by 3,870 lots to 163,870 lots.
In domestic spot markets, discounts of #0 zinc were between RMB 360-400/mt, with traded prices around RMB 15,750/mt. Spot prices slid to RMB 15,700/mt at noon as SHFE zinc prices fell, and #1 zinc was traded between RMB 15,650-15,700/mt. Traders were actively in the morning session, while downstream buyers were cautious at higher prices.