SHANGHAI, Mar. 19 (SMM) – LME zinc prices opened at USD 1,966.5/mt overnight, then rebounded to USD 1,980/mt during Asian trading hours, but falling to a new low of USD 1,954.5/mt during European trading hours. Due to easing Ukraine crisis and upbeat US stocks, LME zinc prices leveled out and touched an intraday high of USD 1,987/mt, and closing at USD 1,980.3/mt, up USD 15.3/mt or 0.78%. Trading volumes decreased by 236 lots to 11,091 lots, and total positions decreased by 8,043 lots to 304,555 lots. LME zinc inventories fell by 3,475 mt to 790,925 mt.
SHFE 1406 zinc contract prices opened low at RMB 14,695/mt on Tuesday evening, but then inched up to RMB 14,770/mt as LME zinc prices rebounded, and finally closing at RMB 14,760/mt, up RMB 20/mt or 0.14%. Trading volumes increased by 768 lots to 11,936 lots, and total positions increased by 1,228 lots to 73,860 lots.
LME zinc prices are expected to move between USD 1,970-1,995/mt today, and SHFE 1406 zinc contract prices will hover between RMB 14,720-14,820/mt, with spot discounts of RMB 90-140/mt against SHFE 1406 zinc contract prices.