SHANGHAI, Oct. 15 (SMM) -- Last Friday, SHFE 1301 zinc contract prices opened at RMB 15,315/mt, and rose in tandem with LME zinc prices, touching RMB 15,395/mt in the morning session but losing upward momentum later. Meanwhile, the Shanghai Composite Index also began to drop. With the pressure from shorts, SHFE 1301 zinc contract prices rolled back previous gains and finally closed at RMB 15,275/mt, down RMB 55/mt.
In domestic spot markets, discounts of #0 zinc against SHFE three-month zinc contract prices were RMB 220-230/mt, with traded prices between RMB 15,130-15,150/mt. As SHFE zinc prices inched down, spot discounts narrowed to RMB 190-200/mt, with traded prices around RMB 15,100/mt. #1 zinc prices were between RMB 15,050-15,100/mt. Downstream buyers took a wait-and-see attitude, unwilling to build stocks. In the afternoon, spot prices were generally around RMB 15,100/mt, and some downstream buyers entered the market, with transactions improving.