LME zinc prices closed down $21/mt or 0.84% at $2,470/mt last Friday evening. The trading volume increased to 7,596 lots, and open interest fell 50 lots to 202,000 lots.
LME zinc inventory shed by 1,650 mt to 90,000 mt. The market is expected to strengthen the soft landing, and the rapid rise of the US dollar overnight has suppressed the price of zinc.
The most active SHFE 2309 zinc contract prices closed at 20,705 yuan/mt overnight, down 195 yuan/mt or 0.93%. The trading volume was down to 87,530 lots, and open interest fell 4,163 lots to 95,696 lots. The trade surplus narrowed, and the total import and export volume fell by 13.6% month-on-month. Automobile production and sales data showed a significant decline month-on-month. Zinc prices will lack ability to rise.
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