SHANGHAI, May 29 (SMM) – Major economic indicators from the US overnight were mixed. US existing home sales in April hit a 9-year high, but the number of initial jobless claims last week was disappointing, weakening the US dollar index and boosting base metals. LME zinc prices opened at USD 2,191/mt, then rose to USD 2,220/mt, and touched USD 2236/mt, and closed at USD 2,228.15/mt, up USD 39.65/mt or 1.81%. Trading volumes increased 1,189 to 109,000 lots, and total positions fell 3,692 to over 321,000. LME zinc inventories fell 2,175 to 456,650 mt.
SHFE 1508 zinc contract prices opened at RMB 16,880/mt Thursday evening, then dropped to as low as RMB 16,755/mt, and closed at RMB 16,825/mt, up RMB 95/mt or 0.57%.
China’s A-share market plunged 6%, depressing market confidence. A foreign source reported the PBOC will implement hundreds of billions of yuan in repurchasing to tighten liquidity.
US existing home sales in April were up 3.4% to hit a 9-year high, with the growth higher than the 0.9% expected. The number of US initial jobless claims increased 7,000 to top the 270,000 expected, but still stood at a low. Eurozone CCI in May was -5.5, flat at expectations and April’s. Eurozone economic climate index in May was 103.8, higher than the 103.5 expected.
The US dollar index fell 0.22%; crude oil and gold prices rose slightly. US stocks plummeted across the board. LME base metals prices were mixed.
LME zinc prices are expected to move between USD 2,215-2,245/mt today. SHFE 1508 zinc contract prices will fluctuate between RMB 16,780-16,880/mt, with spot discounts of RMB 100-80/mt against SHFE 1507 zinc contract prices.
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