SHANGHAI, Oct. 15 (SMM) – LME zinc prices overnight opened at USD 1,969/mt and inched down after touching USD 1,976.3/mt. The annual rate of eurozone September industry production was -2.9%, lower than last month, showing eurozone industry was still sluggish. Besides, US September CPI did not improve significantly. In this context, LME zinc prices fluctuated low and once dipped to USD1, 922/mt. but US University of Michigan CCI for September was 83.1, much better than forecast, causing concerns to ease. As a result, LME zinc prices stabilized at the end of trading and finally closed at USD 1,931.5/mt, down USD 37.5/mt. LME zinc inventories grew by 3,725 mt, to 1,011,975 mt.
LME zinc prices are expected to fall to USD 1,900/mt today, and SHFE 1301 zinc contract prices should move between RMB 15,000-15,200/mt, with spot discounts between RMB 150-190/mt.