SHANGHAI, Nov. 29 (SMM) – LME zinc prices overnight opened at USD 1,876/mt. The market was in a buoyant mood as China's industry enterprise profit rose 13.7% YoY, allowing LME zinc prices to level out, but dropping to USD 1863/mt after SHFE market was closed. Eurozone November economic climate index topped October's leels and expectations, driving LME zinc prices to claw back some lost ground and closing at USD 1,874/mt, up USD 1.5/mt. Trading volumes decreased by 334 lots to 9,165 lots, and total positions decreased by 2,664 lots, to 285,000 lots. The US market will be closed today, and eurozone economic data was positive. But as the US dollar index continues to hover at high levels, LME zinc prices are expected to level out today.
LME zinc prices are expected to move between USD 1,865-1,885/mt today, and SHFE 1402 zinc contract prices should hover between RMB 14,720-14,780/mt, with spot premiums expanding to RMB 90-140/mt against SHFE 1401 zinc contract prices.