SHANGHAI, Apr. 26 (SMM) – Economic data overnight from UK and US was upbeat. UK Q1 GDP unexpectedly rose by 0.6%, so that UK staves off a third consecutive recession, boosting the pound to strengthen. The number of US initial jobless claims last week was 339,000, much lower than expectations. Besides, US earnings reports also boosted investor confidence, with US stocks closing with gains for a fifth consecutive day. LME zinc prices overnight thus stood at the 30-day moving average, touching USD 1,948/mt, and finally closing at USD 1,937/mt, up USD 22/mt, or 1.15%. Trading volumes increased by 1,926 lots, to 10,741 lots, and total positions increased by 303 lots to 267,000 lots. LME zinc inventories fell by 6,000 mt, to 1,086,550 mt.
LME zinc prices are expected to move between USD 1,920-1,955/mt today, and SHFE 1307 zinc contract prices should fluctuate between RMB 14,750-14,850/mt, with spot discounts expanding to RMB 70-110/mt.