SMM Zinc Market Daily Review (2013-3-8)

SHANGHAI, Mar. 11 (SMM) - SHFE 1306 zinc contract prices opened slightly higher at RMB 15,330/mt, and then touched RMB 15,370/mt, meeting resistance at the 5-day moving average. SHFE three-month zinc contract prices generally moved between RMB 15,320-15,340/mt during the day, and finally closed at RMB 15,325/mt, up RMB 85/mt, or 0.56%. Trading volumes decreased by 66,716 lots, to 67,468 lots, and total position increased by 368 lots to 116,180 lots.

SHFE three-month zinc contract prices opened slightly higher and then fluctuated today. Discounts of #0 zinc against SHFE 1305 zinc contract prices were RMB 220-230/mt, with traded prices between RMB 15,000-15,020/mt. #1 zinc prices were RMB 14,970-14,980/mt. Smelters sold goods modestly, and zinc prices rose compared to the previous day. But downstream buyers were cautious, keeping transactions muted.