SHANGHAI, Jan. 24 (SMM) – LME zinc prices overnight opened at USD 2,061/mt, and then inched down but found support at the 60-day moving average, generally fluctuating between USD 2,050-2,060/mt in the morning trading. LME zinc prices gained ground at noon, standing above all moving averages. After Asian trading, the US dollar index plunged, pulling up LME zinc prices to USD 2,095/mt. The IMF lowered its forecasts for global economic growth, causing short momentum to mount. In this context, LME zinc prices lost some gains and closed at USD 2,076.5/mt, up USD 13/mt, or 0.63%. Trading volumes increased by 3,732 lots to 8,947 lots, and total position decreased by 2,252 lots to 276,166 lots.
LME zinc prices should fluctuated between USD 2,070-2,100/mt today, and SHFE three-month zinc contract prices should move between RMB 15,450-15,600/mt, with spot discounts expected to expand to RMB 270-320/mt.