SHANGHAI, May 24 (SMM) -- On Wednesday, SHFE 1208 zinc contract prices opened lower at RMB 14,880/mt and moved between RMB 14,855-14,880/mt after opening, and plunged to an intraday low at RMB 14,685/mt at noon as the Shanghai Composite Index plummeted. Finally, SHFE three-month zinc contract prices closed at RMB 14,755/mt, down RMB 220/mt or 1.44%. Trading volumes increased by 15,804 lots to 51,458 lots, and total position decreased by 6,954 lots to 151,074 lots. SHFE 1209 zinc contract prices became more actively traded, with trading volumes increasing by 52,474 lots to 107,836 lots and total position increasing by 18,188 lots to 137,322 lots.
In domestic spot markets, discounts of #0 zinc against SHFE three-month zinc contract prices were between RMB 60-80/mt, with traded prices between RMB 14,800-14,820/mt. Spot discounts narrowed to RMB 30/mt at noon and traded prices were between RMB 14,740-14,750/mt. #1 zinc prices were between RMB 14,700-14,750/mt in the morning session, but with transactions muted. Downstream buyers were uncertain of price trends, keeping transactions quiet.