SHANGHAI, Jun. 20 (SMM) – SHFE 1209 zinc contract, the most actively traded one, opened lower at RMB 14,920/mt Tuesday and moved between RMB 14,910-14,935/mt. In the afternoon, Chinese stock markets fell again, driving SHFE zinc prices to fall below RMB 14,900/mt and hit an intraday low of RMB 14,840/mt, but found support at the 5-day moving average to finally ended at RMB 14,860/mt, down 125/mt, or 0.83%. Trading volumes were down 24,986 lots to 42,094 lots, while positions were down 366 lots to 152,252 lots.
In China’s domestic spot market, smelters still sold goods actively but sales were reported lower. Spot discounts did not narrow noticeably. Supply in the market was sufficient, and selling interest among dealers remained high, but buyers downstream mainly made inquires, leaving purchases limited. Transactions were weaker than the previous trading day.