SHANGHAI, Apr. 12 (SMM) – LME zinc prices overnight opened at USD 1,911/mt, and generally fluctuated between USD 1,910-1,915/mt after opening. As large numbers of longs closed positions with profit-taking during European trading hours, LME zinc prices were weighed down, and dipped to USD 1,879.3/mt. The number of US initially jobless claims last week unexpectedly decreased by 42,000, to 346,000, a signal that US job market will improve mildly, and boosting market confidence. As the US dollar index weakened while the euro strengthened, LME zinc prices advanced and gained back previous losses, with prices closing at USD 1,904/mt, down USD 5.5/mt or 0.29%. Trading volumes increased by 2,216 lots to 8,964 lots, and total positions increased by 1,505 lots, to 273,646 lots. LME zinc inventories grew by 1,175 mt, to 1,134,825 mt, total inventories had been falling for 15 consecutive trading days by 70,000 mt.
LME zinc prices are expected to move between USD 1,895-1,920/mt today, and SHFE 1307 zinc contract prices should fluctuate between RMB 14,770-14,900/mt, with spot discounts between RMB 60-100/mt against SHFE 1306 zinc contract prices.