Zinc to See Technical Fallback, SMM Foresees

SHANGHAI, Aug. 15 (SMM) – Zinc prices may fall technically this week but will still stay at highs since fundamentals will continue to underpin zinc prices, SMM foresees.

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LME zinc may move in the range of $2,860-2,960 per tonne this week, SMM predicts. SHFE September zinc, the most actively traded contract, will move between 23,650-24,500 yuan per tonne.

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SMM survey finds the average operating rate at domestic zinc smelters fell 1.25% in July. Meanwhile, imports are still limited. Zinc inventories are still at low levels. Consumption is steady as a whole. These factors will bolster zinc prices, SMM explained.

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