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SHFE 1405 zinc contract prices opened at RMB 14,920/mt on Tuesday evening, then inched down since a large number of shorts entered the market, and finally closing at RMB 14,765/mt, down RMB 110/mt or 0.74%. Trading volumes increased by 4,470 lots to 33,522 lots, and total positions increased by 1,654 lots to 103,068 lots.
Ukraine crisis continues to affect the market, and Tianwei Baobian Electric Company's bond trading was suspended. When combined with China's sluggish February import and exports data, concerns over China's demand increased. LME zinc prices are expected to move weakly between USD 1,970-2,015/mt today, and SHFE 1405 zinc contract prices will hover between RMB 14,650-14,750/mt, with spot discounts of RMB 20-60/mt against SHFE 1405 zinc contract prices.
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