SHANGHAI, Jan. 22 (SMM) – LME zinc prices overnight opened at USD 2,038/mt, and then inched down to USD 2,027.8/mt. After Asian trading, Germany's PPI for December topped expectations, and increased long momentum. In this context, LME zinc prices rebounded but met resistance at the 20-day moving average, fluctuating between USD 2,035-2,040/mt, touching USD 2,043/mt. US stocks markets were closed on Monday due to the Martin Luther King Day, with transactions extremely quiet. LME zinc prices closed with declines at USD 2,033/mt, down USD 4.5/mt, or 0.22%. Trading volumes decreased by 6,551 lots to 3,382 lots, and total position decreased by 3,485 lots to 279,293 lots.
LME zinc prices should fluctuated between USD 2,020-2,040/mt today, and SHFE three-month zinc contract prices should move between RMB 15,300-15,450/mt, with spot discounts expected to expand to RMB 250-280/mt.