SMM Daily Review - 2012/3/29 Zinc Market

SHANGHAI, Mar. 30 (SMM) -- SHFE three-month zinc contract prices opened at RMB15, 405/mt on Thursday, and moved between RMB 15,450-15,500/mt in the morning session, around the moving average. As the Shanghai Composite Index continued to fall, SHFE three-month zinc contract prices dipped to close at RMB 15,340/mt, down RMB 250/mt or 1.6%. Trading volumes decreased by nearly 50,000 lots to 124,560 lots, and total position decreased by 14,114 lots to 173,380 lots. Positions of SHFE 1207 zinc contract increased by 8,390 lots to 150,728 lots.

In domestic spot markets, discounts of #0 zinc were around RMB 200/mt, with traded prices between RMB 15,230-15,250/mt, and #1 zinc was traded between RMB 15,180-15,200/mt. The overall transactions were brisk with dip-buying.