SHANGHAI, Oct. 15 (SMM) – LME zinc prices last Friday opened at USD 1,904/mt, and then hovered around USD 1,915/mt. Base metals prices pulled on the upside later in the day, with the exception of LME aluminum prices, and LME zinc prices hovered around USD 1,935/mt initially but then fell. As US debt ceiling negotiation was productive, market concerns eased. LME zinc prices touched a daily high at the end of trading, and closed at USD 1,933.5/mt, up USD 17.5/mt or 0.91%. Trading volumes increased by 2,475 lots, to 10,086 lots, and total positions increased by 3,056 lots, to 290,050 lots. LME zinc inventories fell by 3,225 mt, to 990,225 mt.
LME zinc prices are expected to move between USD 1,920-1,950/mt today, and SHFE 1401 zinc contract prices should hover between RMB 14,980-15,100/mt, with spot premiums between RMB 100-150/mt.