SHANGHAI, Jul. 11 (SMM) – LME zinc prices overnight rose slightly after opening and moved between USD 1,850-1,860/mt in the morning session, and then dipped to USD 1,848.8/mt in the afternoon due to plunging SHFE zinc prices. As the US dollar index fell slightly, LME zinc prices rallied. Fitch confirmed of the AAA rating of the US, but with the outlook negative. As a result, LME zinc prices slumped to an intraday low at USD 1,831/mt, and rebounded slightly later in the day, with prices finally closing at USD 1,833/mt, down USD 22.3/mt, or 1.2%.
LME zinc prices should move between USD 1,830-1,850/mt today, and SHFE three-month zinc contract prices should move between RMB 14,550-14,700/mt, with spot discounts between RMB 70-90/mt.