SHANGHAI, May 14 (SMM) -- Last Friday, SHFE three-month zinc contract prices opened lower at RMB 15,295/mt and plummeted to the moving average in the morning session. China's CPI for April fell in line with expectations, but SHFE three-month zinc contract prices only rallied to the moving average and dipped to a record low for the year, and finally closed at RMB 15,115/mt, down RMB 180/mt or 1.18%. Trading volumes increased by over 8,000 lots to 144,326 lots, and total position increased by 334 lots to 166,804 lots.
In domestic spot markets, discounts of #0 zinc against SHFE three-month zinc contract prices narrowed to RMB 100/mt, with traded prices between RMB 15,100-15,130/mt. Spot prices were very firm. #1 zinc prices were around RMB 15,100/mt. Downstream buying interest was low, and traders dared not replenish stocks, keeping transactions quiet.