SHANGHAI, Mar. 15 (SMM) – LME zinc prices overnight opened at USD 1,986.8/mt, and then followed a “V” curve during Asian trading hours, dipping to USD 1,972.5/mt. Asian stocks mostly closed with gains, boosting LME zinc prices to break through the 10-day moving average and touched USD 1,997/mt. But since the US dollar index then hit a 7-month high of 83.166, LME zinc prices pulled on the downside, giving back early gains, with prices finally closing at USD 1,977.5/mt, down USD 5.5/mt or 0.28%. Trading volumes decreased by 497 lots to 9,085 lots, and total position increased by 621 lots to 259,590 lots. LME zinc inventories fell by 1,700 mt, to 1,206,725 mt.
LME zinc prices should fluctuate between USD 1,970-2,000/mt today, and SHFE 1306 zinc contract prices should move between RMB 15,200-15,350/mt, with spot discounts against SHFE 1305 zinc contract prices between RMB 170-220/mt.