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#0 zinc prices were between RMB 16,290-16,320/mt, RMB 50-30/mt below SHFE 1508 zinc contract prices and RMB 70-50/mt below SHFE 1507 zinc contract prices. #1 zinc prices were RMB 16,260-16,280/mt. SHFE 1508 zinc contract prices fell RMB 150/mt, causing spot discounts to narrow RMB 50/mt. Some smelters held back goods on continuously falling zinc prices. When combined premiums on zinc prices in Guangdong against Shanghai prices, smelters in South China reduced supply to Shanghai. Traders mostly held onto their goods on expectations of spot premiums, allowing spot discounts to contract. Traders and downstream buyers purchased modestly at lower prices, leaving overall transactions quiet. SHFE 1508 zinc contract prices rose RMB 40/mt in the afternoon, with spot discounts of #0 zinc between RMB 80-50/mt and trading quiet.
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