SHANGHAI, Feb. 4 (SMM) - LME zinc prices overnight closed with declines. SHFE 1305 zinc contract prices opened flat at RMB 16,080/mt, and then fluctuated around RMB 16,050/mt. Due to mixed major economic data from China, SHFE 1305 zinc contract prices dipped to an intraday low of RMB 15,940/mt. As the Shanghai Composite soared to 2,421.15, SHFE 1305 zinc contract prices were boosted and struggled at RMB 16,060/mt in the afternoon, and closed at RMB 16,045/mt, down RMB 35/mt, or down 0.22%. Trading volumes of SHFE 1305 zinc contract decreased by 38,480 lots, to 153,840 lots, and total position increased by 7,674 lots to 177,604 lots.
SHFE three-month zinc contract prices inched down after opening flat today. Discounts of #0 zinc against SHFE 1305 zinc contract prices were between RMB 400-430/mt, with traded prices between RMB 15,580-15,610/mt. #1 zinc prices were RMB 15,530-15,550/mt. Smelters were not hurried to sell goods due to sufficient cash flows early in the month, while downstream buying interest was low, keeping transactions muted.