SHANGHAI, May 9 (SMM) -- On Tuesday, SHFE three-month zinc contract prices opened at RMB 15,500/mt and fluctuated around the moving average during the day. Both longs and shorts entered the market, but with short momentum stronger. In the afternoon, SHFE three-month zinc contract prices plunged, dragged down by LME zinc prices, and finally closed at RMB 15,465/mt, up RMB 5/mt. Trading volumes decreased by over 10,000 lots to 71,460 lots, and total position increased by 6,308 lots to 135,484 lots.
In domestic spot markets, discounts of #0 zinc against SHFE three-month zinc contract prices were between RMB 150-170/mt, with traded prices between RMB 15,300-15,350/mt. #1 zinc prices were between RMB 15,250-15,280/mt. Prices for #1 zinc were firm due to limited imports and supply, and downstream buyers were cautious.