SHANGHAI, Jun. 25 (SMM) – LME zinc prices last Thursday opened lower and generally moved between USD 1,820-1,870/mt during the day. HSBC released China’s June PMI hit a 7-month low, and new export orders fell to a record low in three years, while US did not push QE3, so LME zinc prices opened lower and were pushed down since Moody’s downgraded ratings of 15 large banks. Dow Jones Industrial Average dropped by 1.96% the second largest decline in the year, and LME zinc prices hit a record low for the year at USD 1,797/mt. Leaders of the major four economies in euro zone held a meeting in Rome, agreeing to push the economic growth stimulus plan of EUR 130 billion, pushing up LME zinc prices. But LME zinc prices failed to gain back previous losses, and finally closed at USD 1,810/mt, down USD 12.5/mt, or 0.69%.
LME zinc prices should move between USD 1,790-1,820/mt today, and SHFE three-month zinc contract prices should move between RMB 14,350-14,550/mt, with spot discounts narrowing to RMB 10-30/mt.