SHANGHAI, Mar. 12 (SMM) – Dragged down by a plunge in LME zinc prices in US trading hours, the most active SHFE 1405 zinc contract dipped to RMB 14,755/mt after starting at RMB 14,920/mt in Tuesday’s night trading session. The contract prices closed down RMB 110/mt or 0.74% at RMB 14,765/mt. During the night session, trading volumes gained 4,470 lots to 33,522 lots, while positions increased 1,654 lots to 103,068 lots.
SHFE 1405 zinc contract prices opened flat at RMB 14,765/mt, and later dropped to RMB 14,750/mt, burdened by the most active SHFE copper contract falling by the daily downside limit. Boosted by LME zinc prices at the tail of the trading, SHFE zinc prices rebounded subsequently, and ended up RMB 10/mt or 0.07% at an intraday high of RMB 14,885/mt. Trading volumes contracted 3,160 lots to 49,250 lots, and positions shrunk 8,890 lots to 94,178 lots. SHFE zinc prices were more resistant to declines than LME zinc prices due to improved zinc fundamentals in China, but still faced some pressure at the RMB 15,000/mt mark on Wednesday.