SHANGHAI, Mar. 28 (SMM) – LME zinc prices opened at USD 1,972.8/mt overnight, and rose to USD 1,980/mt during Asian trading hours. US major economic data released overnight were mixed. The number of US initial jobless claims last week hit a new low from November 2013, but Q4 GDP and February existing home sales both fell short of expectations. LME zinc prices hovered between USD 1,965-1,980/mt, and finally closing at USD 1,973.8/mt, up USD 3.8/mt or 0.19%. Trading volumes decreased by 1,467 lots to 8,163 lots, and total positions decreased by 754 lots to 290,625 lots. LME zinc inventories grew by 1,825 mt to 775,825 mt.
SHFE 1406 zinc contract prices opened at RMB 14,825/mt on Thursday evening, and then moved between RMB 14,810-14,840/mt, and finally closing at RMB 14,820/mt, down RMB 5/mt or 0.03%. Trading volumes decreased by 3,816 lots to 6,116 lots, and total positions increased by 394 lots to 76,874 lots.
Euro zone March economic climate index and University of Michigan's CCI will be released today. LME zinc prices are expected to move between USD 1,960-1,985/mt today, and SHFE 1406 zinc contract prices will hover between RMB 14,770-14,870/mt, with spot discounts of RMB 150-170/mt against SHFE 1406 zinc contract prices.