SHANGHAI, July 5 (SMM) -- Although the US employment data was negative, the US dollar weakened versus the euro last Friday, driving up LME base metals prices. LME zinc prices climbed to as high as USD 1,820/mt, and finally closed at USD 1,795/mt. Technical indicators show an upward trend for LME zinc prices, and SMM predicts LME zinc prices will fluctuate around USD 1,800/mt in the short term.
Both copper and zinc stocks monitored by the Shanghai Futures Exchange experienced declines last Friday, and the firm copper prices are expected to help support zinc prices. However, the struggles between long and short positions remain intense in Shanghai zinc market, and special focus should be put on the performance of SHFE 1010 zinc contract prices at the RMB 15,000/mt mark, as well as the impact from stocks market.
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