SHANGHAI, Nov. 12 (SMM) – LME zinc prices overnight opened at USD 1,911/mt. As the US dollar index hovered around 81, LME zinc prices fell below USD 1,900/mt, once dipping to as low as USD 1,891/mt. With strong short momentum, prices continued to fall, but gained back some losses as of 23:30 since a large number of longs entered the market, rallying to USD 1,900/mt, and closing at USD 1,901/mt, down USD 6.5/mt. Trading volumes decreased by 4,950 lots, to 6,658 lots, and total positions decreased by 142 lots, to 298,000 lots. Investors are cautious before any policies are released from the Third Plenary Session of the CPC Central Committee, with LME zinc prices finding solid support at USD 1,900/mt.
LME zinc prices are expected to move between USD 1,895-1,915/mt today, and SHFE 1401 zinc contract prices should hover between RMB 14,880-14,970/mt, with spot premiums between RMB 70-120/mt against SHFE 1401 zinc contract prices.