SHANGHAI, Oct. 10 (SMM) – LME zinc prices overnight opened at USD 1,884.5/mt. It was reported that US President Obama will nominate Janet Yellen as the next head of FRB, boosting LME zinc prices to USD 1,876/mt. but due to worries over a potential default on US debt, and combined with rebounding US dollar index, LME zinc prices shed some gains and closed at USD 1,886/mt. Trading volumes decreased by 1,508 lots, to 7,778 lots, and total positions increased by 5,954 lots, to 286,000 lots.
LME zinc prices are expected to move between USD 1,875-1,905/mt today, and SHFE 1401 zinc contract prices should hover between RMB 14,740-14,800/mt, with spot premiums between RMB 140-170/mt against SHFE 1312 zinc contract prices.