Spot Zinc Price Movement (2013-3-29)

SHANGHAI, Mar. 29 (SMM) – SHFE 1306 zinc contract prices opened low but then rallied rapidly, fluctuating in a narrow range today. Discounts of #0 zinc against SHFE 1306 zinc contract prices were RMB 90-110/mt, with traded prices between RMB 14,680-14,710/mt. #1 zinc prices were RMB 14,650-14,660/mt. Smelters sold goods actively at the end of both the month and the quarter, but market players remained cautious due to cash flow problems. Investors also stood on the sidelines due to the closure of LME market, and downstream buying interest was low due to pessimism, keeping overall transactions muted.