SHANGHAI, Mar. 27 (SMM) – LME zinc prices opened at USD 1,985/mt overnight, and continued to rise to USD 2,000/mt during Asian trading hours, and touching an intraday high of USD 2,008/mt during European trading hours, but then leveling out due to the lack of buyers. US February durable goods orders topped expectations, but did not boost the market significantly. US President Obama warned that they will execute more economic sanctions to Russian, pushing down LME zinc prices by 1%, dipping to USD 1,966/mt, and finally closing at USD 1,970/mt, down USD 16.5/mt or 0.83%. Trading volumes decreased by 2,795 lots to 9,630 lots, and total positions increased by 307 lots to 291,379 lots. LME zinc inventories grew by 1,550 mt to 774,000 mt.
SHFE 1406 zinc contract prices opened at RMB 13,830/mt on Wednesday evening, and then inched down, dipping to RMB 14,810/mt, and finally closing at RMB 14,830/mt, down RMB 15/mt or 0.1%. Trading volumes decreased by 10,886 lots to 9,932 lots, and total positions decreased by 430 lots to 76,670 lots.
The number of US initial jobless claims last week and February existing home sales data will be released today. LME zinc prices are expected to move between USD 1,960-1,980/mt today, and SHFE 1406 zinc contract prices will hover between RMB 14,770-14,870/mt, with spot discounts of RMB 140-180/mt against SHFE 1406 zinc contract prices.