SHANGHAI, Jun. 12 (SMM) – LME zinc prices overnight opened at USD 1,890/mt during Asian trading hours and touched an intraday high of USD 1,907/mt due to the weak US dollar index, and fluctuated above the 10-day moving average during the day. As the US dollar index rebounded later in the day, LME zinc prices plummeted below the 5-day moving average, and touched an intraday low of USD 1,877.8/mt. Due to strong support at lower prices, LME zinc prices rose and finally closed at USD 1,890/mt, up USD 21/mt or 1.12%.
LME zinc prices should fall to USD 1,875-1,895/mt today, and SHFE three-month zinc contract prices should move between RMB 14,750-14,900/mt, with spot discounts remaining between RMB 70-100/mt.