SHANGHAI, Jun. 11 (SMM) – LME zinc prices opened higher at USD 1,905.8/mt during Asian trading hours last Friday and plunged despite China’s central bank lowered interest rates. As the US dollar index rose in the morning session, LME zinc prices continued to drop. Due to better-than-expected US retail sales and inventories data, LME zinc prices stopped declines and rose slightly, but slid later the day to an intraday low at USD 1,866/mt, and finally closed at USD 1,869/mt, down USD 34.8/mt.
LME zinc prices should move between USD 1,890-1,920/mt today, and SHFE three-month zinc contract prices should move between RMB 14,700-14,850/mt, with spot discounts expanding to RMB 80-120/mt.