SHANGHAI, Apr. 15 (SMM) – US major economic data released last Friday was largely below expectations. US March retail sales dropped most significantly in nine months, while University of Michigan CCI for April hit a nine-month low, triggering concerns over US economic recovery, and pushing down global commodity prices. In this context, LME zinc price plunged to USD 1,847.8/mt. Near the end of trading, as euro zone finance minister meeting made strides on banking sector alliance and prolonging the deadline for Portugal to pay the loans, pulling up the euro to rise and close with gains of 0.06%. Trading volumes increased by 2,501 lots to 11,465 lots, and total positions increased by 2,421 lots, to 276,067 lots. LME zinc inventories grew by 1,225 mt, to 1,136,050 mt.
LME zinc prices are expected to move between USD 1,855-1,885/mt today, and SHFE 1307 zinc contract prices should fluctuate between RMB 14,580-14,700/mt, with spot discounts between RMB 30-70/mt against SHFE 1306 zinc contract prices.