SHANGHAI, Apr. 23 (SMM) – LME zinc prices overnight opened at USD 1,874.8/mt, soaring to break through the 5-day and 10-day moving averages during Asian trading hours, and touching a daily high of USD 1,892.8/mt. But as short momentum prevailed in the market, LME zinc prices continued to plunge, dipping to as low as USD 1,861/mt. During European and US trading hours, US March new home sales were only 4.92 million units, falling short of both the previous month and expectations. But European bond market continued to improve. The mixed economic data gave no direction to LME zinc prices, fluctuating around USD 1,878/mt, and finally closing at USD 1,880.3/mt, up USD 2.3/mt. Total positions increased by 234 lots, to 270,446 lots, and LME zinc inventories fell by 5,875 mt, to 1,104,775 mt.
LME zinc prices are expected to move between USD 1,860-1,890/mt today, and SHFE 1307 zinc contract prices should fluctuate between RMB 14,450-14,600/mt, with spot discounts between RMB 60-90/mt.