SHANGHAI, Jun. 27 (SMM) – LME zinc prices overnight opened lower at USD 1,809/mt and generally moved between USD 1,805-1,815/mt in the morning session. Dragged down by plunging SHFE zinc prices, LME zinc prices fell and touched USD 1,785/mt. according to the result of Spanish and Italian short term government bond sales, loan costs rose, and US home prices rose for the third consecutive month in April, but the consumer confidence index fell for four consecutive months in June. Besides, Richmond Federal Reserve’s manufacturing index post negative in June. In this context, LME zinc prices dropped further and dipped to a record low for the year at USD 1,776/mt, and finally closed at USD 1,780/mt, down USD 28.5/mt or 1.58%.
LME zinc prices should move between USD 1,770-1,790/mt today, and SHFE three-month zinc contract prices should fall to RMB 14,250-14,400/mt, with spot discounts narrowing to RMB 0-20/mt.