SHANGHAI, Mar. 13 (SMM) – LME zinc prices opened at USD 2,003/mt overnight. During Asian trading hours, LME zinc prices stopped falling and touched an intraday high of USD 2,017.5/mt. During European and US trading hours, LME zinc prices rolled back early gains due to plummeting LME copper prices, hitting a record low recently of USD 1,982/mt. But as some shorts left the market after profit-taking and since some bargain hunters entered the market, LME zinc prices edged up, and closing at USD 2,001/mt, up USD 0.5/mt or 0.02%. Trading volumes decreased by 416 lots to 17,316 lots, and total positions decreased by 2,620 lots to 316,235 lots. LME zinc inventories grew by 1,325 mt to 800,150 mt.
SHFE 1405 zinc contract prices opened at RMB 14,855/mt on Wednesday evening, then moved between RMB 14,820-14,890/mt, and finally closing at RMB 14,855/mt, up RMB 20/mt or 0.13%. Trading volumes decreased by 10,674 lots to 22,848 lots, and total positions decreased by 240 lots to 93,938 lots.
Value added at China's scale-efficient industries during January-February will be released today. As LME copper price declines slow, LME zinc prices are expected to level out, moving between USD 1,985-2,015/mt today, and SHFE 1405 zinc contract prices will hover between RMB 14,820-14,920/mt, with spot discounts of RMB 90-130/mt against SHFE 1405 zinc contract prices.