SHANGHAI, Mar. 7 (SMM) – On Tuesday, SHFE 1705 zinc started at RMB 22,380/mt and then dipped to RMB 22,200/mt with positions opening by shorts. After falling to RMB 22,155/mt, the contract rallied to RMB 22,460/mt briefly. During the afternoon trading, SHFE 1705 zinc dropped quickly to RMB 22,240/mt and then fluctuated with range up and down by RMB 60/mt. The contract closed at RMB 22,240/mt, down RMB 400/mt or 1.77 %. Trading volumes dropped 17,338 to 255,000 lots and positions rose 15,010 to 206,000. Trading volumes of all SHFE zinc contracts were down 158,000 to 674,000 lots with positions up 14,534 to 438,000. Ferrous metals keep falling and base metals remained weak on Tuesday. SHFE 1705 zinc dropped below the moving averages on Tuesday after a 5-day rise.

SHFE 1705 zinc will test support at RMB 22,000/mt on Tuesday’s night trading.