SHANGHAI, Aug. 25 (SMM) -- Last night, the US government announced the existing home sales in July fell by 27%, hitting a record low since May 1995. Meanwhile, the US stocks slumped, with Dow Jones Industrial Average and Nasdaq Composite Index falling by 133.96 points and 35.87 points, respectively. In response, LME base metals prices continued to drop, with LME zinc prices even falling below USD 2,000/mt, at USD 1,985/mt. LME zinc prices finally closed at USD 1,998/mt, down USD 47/mt. Trading volumes were nearly 60,000 lots, while positions fell by nearly 3,000 lots. SMM predicts SHFE 1012 zinc contract prices will struggle at the 30-day moving average today.
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