SHANGHAI, Mar. 24 (SMM) – LME zinc prices opened at USD 1,952/mt last Friday, then fluctuated weakly due to the lack of positive news, and hovering between USD 1,955-1,965/mt during Asian and European trading hours. But during US trading hours, LME zinc prices met resistance at the 5-day moving average, dipping to a new low of USD 1,943.8/mt, and closing at USD 1,952/mt, down USD 1/mt or 0.05%. Trading volumes increased by 625 lots to 12,724 lots, and total positions decreased by 2,194 lots to 284,894 lots. LME zinc inventories fell by 5,275 mt to 780,075 mt.
SHFE 1406 zinc contract prices opened low at RMB 14,785/mt last Friday evening, touching RMB 14,810/mt before falling slightly, then moving between RMB 14,735-14,780/mt, and finally closing at RMB 14,780/mt, up RMB 25/mt or 0.17%. Trading volumes decreased by 6,170 lots to 13,802 lots, and total positions increased by 546 lots to 72,728 lots.
March PMIs form China and the US will be released today. LME zinc prices are expected to move between USD 1,940-1,965/mt today, and SHFE 1406 zinc contract prices will hover between RMB 14,730-14,830/mt, with spot discounts of RMB 110-150/mt against SHFE 1406 zinc contract prices.