SHANGHAI, Jan. 20 (SMM) – Since results for Spanish and French government bond auctions turned out to be above market expectations, and US initial jobless claims for last week dived to a four-year-lowest, LME zinc prices overnight showed a strong trend and stood above the USD 2,000/mt mark influenced by positive news. LME zinc prices moved between USD 2,025-2,035/mt and closed at USD 2,033/mt. LME zinc inventories increased by 1,050 mt to 840,500 mt, positions were down 1,045 lots to 259,000 lots.
On Friday, the most active SHFE zinc prices are expected to move between RMB 15,650-16,050/mt, leaving spot discounts between RMB 350-450/mt. Transactions will be limited on the last trading day ahead of the Chinese New Year.