SHANGHAI, Feb. 1 (SMM) – The US dollar index fell below the 78 mark, pushing up base metal prices. LME zinc prices climbed above the 20-day moving averages after opening at USD 2,345/mt, reaching as high as USD 2,425/mt before ending at USD 2,415/mt. Trading volumes were down 2,030 lots to 59,409 lots, and positions were up 1,641 lots to 235,808 lots.
Trading sentiment on Tuesday is expected to turn lower following the arrival of the Chinese New Year holiday. Market attention should be paid to the US non-farm employment data due on Friday. If the data is positive, the US dollar index is expected to rebound, and that will weigh on base metal prices. If not, LME zinc prices will continue to advance, and SHFE zinc market is expected to experience large fluctuations in the post-holiday market.
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