SHANGHAI, Nov. 15 (SMM) – LME zinc prices opened at USD 1,886.5/mt, then leveled out, touching as high as USD 1,889/mt, but meeting resistance at USD 1,900/mt. As Q3 GDP from major Eurozone countries and UK economic data were weak, LME zinc prices dropped to an intraday low of USD 1,880.3/mt. But Yellen expressed her support for current easing policies, and emphasized the importance of the 2% inflation ceiling, pushing up non-US dollar currencies and allowing LME zinc prices to gain back some losses, closing at USD 1,891/mt, up USD 1.5/mt. Trading volumes decreased by 1,755 lots to 10,130 lots, and total positions decreased by 1,095 lots, to 296,000 lots.
LME zinc prices are expected to move between USD 1,880-1,900/mt today, and SHFE 1401 zinc contract prices should hover between RMB 14,790-14,870/mt, with spot premiums expanding to RMB 80-110/mt against SHFE 1401 zinc contract prices.