Overnight, LME zinc prices opened at $2,435/mt and finally closed down at $2,434/mt, down $4.0/mt, or 0.16%, with the low-end of $2416.5/mt and the high-end of $2455.5/mt. Trading volume reached 9,582 lots and open interest were 198,000 lots. LME zinc inventories increased by 6,100 mt or 4.13% to 153,976 mt. LME inventories increased and overseas demand remained weak. The initial annual CPI rate in the Eurozone in August was higher than expected at 5.3%. Initial jobless claims in the United States were 228,000.
The personal expenditures in the United States in July was 0.8%. Inflation further strengthened and interest rate hikes were expected, weighing on non-ferrous metals prices.
Overnight, SHFE zinc prices opened at 21,000 yuan/mt and finally closed down at 20,960 yuan/mt, down 40 yuan/mt, or 0.19%. The trading volume reached 70,917 lots, and the open interest reached 108,000 lots. There has been no significant recovery in terminal consumption. SHFE zinc prices remained rangebound.
