SHANGHAI, Mar. 25 (SMM) – LME zinc prices last Friday opened at USD 1,936.5/mt, and then fluctuated between USD 1,935-1,945/mt. After Asian trading hours, short momentum mounted, and pushed down LME zinc prices to USD 1,923.8/mt. Cyprus debt crisis took center stage. Cyprus and Greece have agreed to spin off Greek units of indebted Cypriot banks, and this helped increase hopes that Cyprus will receive bailout funds. In this context, the US dollar index inched down by 0.5%, while LME zinc prices rose to USD 1,959/mt, and finally closed at USD 1,954.8/mt, up USD 16.8/mt or 0.86%. Trading volumes decreased by 2,878 lots to 6,522 lots, and total position decreased by 1,330 lots to 251,304 lots. LME zinc inventories fell by 2,000 mt, to 1,193,825 mt.
LME zinc prices should fluctuate between USD 1,940-1,970/mt today, and SHFE 1306 zinc contract prices should move between RMB 15,000-15,150/mt, with spot discounts against SHFE three-month zinc contract prices between RMB 180-220/mt.