Spot Zinc Price Movement (2013-4-15)

SHANGHAI, Apr. 15 (SMM) – SHFE 1307 zinc contract prices opened low and moved lower, hitting a record low last seen in July 2012, down RMB 320/mt by the end of the morning trading, or a drop of 2.16%. Discounts of #0 zinc against SHFE 1306 zinc contract prices were initially RMB 40/mt, and then narrowed to RMB 0/mt as SHFE zinc prices fell, with traded prices between RMB 14,440-14,510/mt. #1 zinc prices were between RMB 14,420-14,480/mt. Smelter unwillingness to sell goods enhanced, while traders took a wait-and-see attitude. Arbitrage traders released goods moderately due to narrowing spot discounts, and downstream buyers purchased modestly at lower prices, with overall transactions muted.