SHANGHAI, Mar. 28 (SMM) – LME zinc prices overnight opened at USD 1,914/mt, and generally moved between USD 1,910-1,920/mt during Asian trading hours. After Asian trading hours, the US dollar index strengthened to an 8-month high of 82.99. The euro against the US dollar fell below 1.28, and European stocks closed down, weighing down LME zinc prices to USD 19,885.3/mt. In the evening, three Federal Reserve doves stoutly defended the central bank's bond buying to spur U.S. growth, and two of them believe the asset buying plan will continue to late 2013. In this context, LME zinc prices rallied to USD 1,900/mt, and finally closed at USD 1,917.8/mt, up USD 4.8/mt or 0.25%. Trading volumes increased by 2,045 lots to 13,066 lots, and total position increased by 4,608 lots to 256,156 lots. LME zinc inventories fell by 2,000 mt, to 1,182,700 mt.
LME zinc prices should fluctuate between USD 1,885-1,915/mt today, and SHFE 1306 zinc contract prices should move between RMB 14,800-14,920/mt, with spot discounts against SHFE three-month zinc contract prices between RMB 140-180/mt.