SHANGHAI, Nov. 19 (SMM) – LME zinc prices last Friday opened at USD 1,894/mt. No important economic news was released during Asian trading hours, but the US dollar index stood at high levels, weighing down LME zinc prices. US Federal Reserve officials Dudley and Plosser stated, emphasizing they will enhance communications with markets, but not mentioning when to scale back QE3, with non-US dollar currencies falling sharply. The euro fell below 1.3400, while the US dollar index stabilized, dragging down LME zinc prices to close at USD 1,886/mt, down USD 10/mt. Trading volumes decreased by 2,119 lots to 6,045 lots, and total positions decreased by 2,882 lots, to 294,000 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 14,790-14,860/mt, with spot premiums of RMB 90-130/mt against SHFE 1401 zinc contract prices.