SHANGHAI, Mar. 24 (SMM)--The US new home sales for February plunged by 16.9% to a record low annual rate of 250,000 units. The US dollar index rebounded to 75.9 from 75.4. But investors increased purchases on speculations that metal demand from Japan for reconstruction will increase as a result of the huge earthquake and nuclear crisis. Moreover, SHFE lead contracts will start trading on March 24th. In this context, LME zinc prices overnight rose by USD 43/mt to close at USD 2,350/mt, above the 5-day moving average. Transactions were active, with trading volumes increasing by nearly 20,000 lots to 73,390 lots and total positions increasing by 2,000 lots to 231,462 lots. SHFE zinc prices are expected to rise further today due to the trade of SHFE lead contracts.
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