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SHFE 1307 zinc contract prices soared briefly but then inched down. Spot discounts of #0 zinc against SHFE 1307 zinc contract prices narrowed from RMB 70-90/mt, to RMB 50-60/mt, with traded prices between RMB 14,460-14,490/mt. #1 zinc prices were between RMB 14,430-14,440/mt, with supply remaining tight. Smelters were still holding back goods, while downstream buyers began to replenish stocks modestly, with overall transactions muted. SHFE zinc prices stopped falling in the afternoon, and #0 zinc prices edged down to RMB 14,440-14,450/mt, but the market did not improve.
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