SHANGHAI, Mar. 8 (SMM) - SHFE 1306 zinc contract prices opened RMB 115/mt lower at RMB 15,295/mt, and then dipped to a three-month low of RMB 15,155/mt as longs closed positions. LME zinc prices dropped after opening, down to USD 2,000/mt. As LME zinc prices inched up later in the day, SHFE three-month zinc contract prices rallied and struggled around RMB 15,260/mt, and finally closed at RMB 15,625/mt, down RMB 145/mt, or 0.94%. Trading volumes increased by 47,718 lots, to 134,184 lots, and total position increased by 9,194 lots to 115,812 lots.
SHFE three-month zinc contract prices opened low and moved lower today. Discounts of #0 zinc against SHFE 1305 zinc contract prices were RMB 180-220/mt, with traded prices between RMB 14,920-14,980/mt. #1 zinc prices were RMB 14,900-14,930/mt. Spot zinc prices hit a three-month low of RMB 15,000/mt. Smelters were holding onto their goods, while arbitrage traders moved goods modestly due to narrowing discounts. But downstream buyers were cautoius, keeping transactions muted.