SHANGHAI, Nov. 18 (SMM) – LME zinc prices last Friday opened at USD 1,891/mt, then hovered between USD 1,885-1,895/mt due to the lack of positive news. Chinese government released social and economic reform policies resulting from the Third Plenary Session of the Eighteenth CPC Central Committee, and Fed Chairman Yellen suggested it’s no need tapering monetary stimulus policies. In this context, the Standard & Poor’s 500 Index, the Dow Jones Industrial Average Index and the Nasdaq Composite Index hit record highs, driving up LME zinc prices to level out, rising to USD 1,895/mt, and closing at USD 1,896/mt, up USD 5/mt. Trading volumes decreased by 1,966 lots to 8,164 lots, and total positions increased by 653 lots, to 297,000 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 14,820-14,880/mt, with spot premiums of RMB 70-110/mt against SHFE 1401 zinc contract prices.