SHANGHAI, May 24 (SMM) – On Wednesday, SHFE 1707 zinc opened at RMB 22,455/mt and then dropped with positions opening by shorts, and fluctuated at around RMB 22,260/mt. The contract later dipped further to intra-day low at RMB 22,150/mt. During the afternoon trading, SHFE 1707 zinc stopped falling thanks to leaving of shorts and rallied to RMB 22,370/mt, regaining most previous lost ground. The contract closed at RMB 22,385/mt, up RMB 60/mt or 0.27%. Trading volumes increased 38,098 to 632,000 lots and positions rose 1,188 to 308,000. Weak ferrous metals dragged SHFE 1707 zinc down in the morning, but the contract later rebounded. Price gap between SHFE 1707 zinc and SHFE 1706 zinc widened to RMB 515/mt.

SHFE 1707 zinc will hover at highs on Wednesday’s night trading.