SHANGHAI, Jul. 4 (SMM) – LME zinc prices overnight opened at USD 1,868/mt, and edged up to USD 1,891/mt due to the strong Shanghai Composite Index. The market was expecting european central bank and Bank of England will announce to lower interest rates at the policy meeting taking place on Thursday, and US Commerce Department announced finished product orders during May rose 0.7%, 0.1% higher than expected. As a result, LME zinc prices coitinued to rise, touching an intraday high USD 1,932/mt. Later in the day, LME zinc prices rolled back some gains and finally closed at USD 1,910.8/mt, up USD 44.8/mt, or 2.04%. Trading volumes increased by 2,199 lots to 15,541 lots, and total position decreased by 3,265 lots to 259,059 lots.
LME zinc prices should move between USD 1,905-1,925/mt today, and SHFE three-month zinc contract prices should move between RMB 14,850-15,000/mt, with spot discounts expanding to RMB 120-140/mt.