SHANGHAI, Oct. 12 (SMM) – LME zinc prices overnight opened at USD 1,976.5/mt. Market concerns over China's economic growth grew due to China’s disappointing automobile sales in September, pushing down LME zinc prices. Italian successful auction boosted market confidence, while the number of US jobless claims for last week was 339,000, down nearly 30,000 compared to the previous data. As a result, LME zinc prices rose and touched USD 1,995.3/mt, and finally closed at USD 1,969/mt, down USD 9/mt. LME zinc inventories fell by 1,325 mt, to 1,008,250 mt, and cancelled warrants also increased to 358,575 mt, accounting for 35.52%.
LME zinc prices should move between USD 1,970-2,000/mt today, and SHFE 1301 zinc contract prices should move between RMB 15,300-15,500/mt, with spot discounts between RMB 210-250/mt.