SHANGHAI, Jan. 28 (SMM) - LME zinc prices last Friday closed up. SHFE 1304 zinc contract prices opened at RMB 15,500/mt, and met resistance at RMB 15,600/mt, fluctuating between RMB 15,570-15,590/mt. As long momentum strengthened near the end of trading, SHFE 1304 zinc contract prices edged up and finally closed at RMB 15,635/mt, up RMB 165/mt, or 1.07%. Trading volumes of SHFE 1304 zinc contract increased by 10,406 lots, to 61,694 lots, and total position increased by 128 lots to 90,104 lots. Trading volumes of SHFE 1305 zinc contract increased by 16,846 lots, to 41,798 lots, and total position increased by 18,436 lots to 63,356 lots.
SHFE three-month zinc contract prices fluctuated after opening. Discounts of #0 zinc against SHFE three-month zinc contract prices expanded to RMB 300-320/mt, with traded prices between RMB 15,260-15,280/mt. #1 zinc prices were RMB 15,210-15,220/mt. Traders buying interest improved in response to expanding spot discounts, while downstream demand continued to shrink. Transactions improved from yesterday.