SHANGHAI, Nov. 11 (SMM) – LME zinc prices overnight opened at USD 1,906/mt, and then hovered between USD 1,900-1,915/mt due to the lack of positive news and as US October non-farm employment data were to be released. US Labor Department announced US non-farm sector added 204,000 jobs in October, topping expectations, but unemployment rate rose from 7.2% in September to 7.3%. University of Michigan’s CCI in November was 72 , its lowest in nearly two years, with the US dollar index rebounding to 81.48. LME zinc prices were pushed down to USD 1,886.8/mt. But the Standard & Poor’s 500 Index and the Nasdaq Composite Index both rose, with the Dow Jones Industrial Average hitting a new high, pushing LME zinc prices to USD 1,900/mt level, closing at USD 1,907.5/mt. Trading volumes increased by 578 lots, to 11,608 lots, and total positions increased by 5,099 lots, to 298,000 lots. Despite better-than-expected employment data from the US, the strengthening US dollar index weighed down base metals prices.
LME zinc prices are expected to move between USD 1,895-1,925/mt today, and SHFE 1401 zinc contract prices should hover between RMB 14,920-14,980/mt, with spot premiums between RMB 70-120/mt against SHFE 1401 zinc contract prices.