SHANGHAI, May 28 (SMM) -- Last Friday, SHFE 1209 zinc contract prices opened RMB 65/mt at RMB 14,770/mt and fluctuated around RMB 14,730/mt, dipping to RMB 14,700/mt twice in the morning session and finding support from large numbers of buyers. In the afternoon, SHFE three-month zinc contract prices slid pointed to an intraday high at RMB 14,820/mt and finally closed at RMB 14,800/mt, up RMB 95/mt or 0.65%. Trading volumes decreased by 36,940 lots to 69,608 lots, and total position increased by 4,086 lots to 146,000 lots. Trading volumes of SHFE 1208 zinc contract decreased by 13,098 lots to 23,376 lots, and total position decreased by 5,666 lots to 140,000 lots. Both longs and shorts were cautious on the last trading day in the week, and prices fluctuated narrowly.
In domestic spot markets, discounts of #0 zinc against SHFE 1208 zinc contract prices were between RMB 50-80/mt, with traded prices between RMB 14,620-14,650/mt. #1 zinc prices were between RMB 14,610-14,630/mt. Goods supply available in the market was limited as smelters were holding goods, while downstream buying interest was low, keeping transactions quiet. Prices in Guangdong were higher than Shanghai's due to short supply, with #0 zinc traded between RMB 14,700-14,750/mt.