SHANGHAI, Feb. 18 (SMM) – Dragged down by an increasing US dollar and discouraging economic data in the euro zone, LME zinc prices staged weak performance during the Chinese New Year holiday period. LME zinc opened slightly down at USD 2,186/mt last Friday, and virtually fluctuated around the 5-day moving average during the Asian trading session. Nevertheless, LME zinc advanced to a high of USD 2,209.8/mt after the Asian trading session, but began slipping as the US dollar index marched higher, with prices closing at USD 2,176.5/mt, a loss of USD 10/mt or 0.46%. LME zinc stocks added by 5,450 mt to 1,193,550 mt last Friday, with increased stocks mainly coming from New Orleans.
With Asian investors gradually returning to markets, LME zinc prices are expected to move between USD 2,165-2,190/mt today. SHFE 1305 zinc contract prices will fluctuate between RMB 15,800-15,950/mt, and Shanghai spot zinc discounts are estimated between RMB 330-380/mt.