SHANGHAI, Apr. 18 (SMM) – LME zinc prices opened at USD 2,066.5/mt overnight. Ukraine crisis appeared to have eased. The number of US initial jobless claims last week topped expectations. But transactions were made cautiously as the Easter holiday approached. LME zinc prices hovered between USD 2,060-2,075/mt, closing at USD 2,063.5/mt, down USD 1.5/mt or 0.07%. Trading volumes decreased by 3,345 lots to 5,834 lots, and total positions decreased by 362 lots to 300,553 lots. LME zinc inventories fell by 3,150 mt to 801,500 mt.
SHFE 1407 zinc contract prices opened at RMB 15,110/mt, and inched down due to falling LME zinc prices, and closing at RMB 15,075/mt, down RMB 15/mt or 0.1%. Trading volumes increased by 4,758 lots to 11,374 lots, and total positions increased by 2,432 lots to 61,550 lots.
The LME market is closed today due to the Good Friday. With the lack of directions from the LME market, SHFE 1407 zinc contract prices will hover between RMB 15,020-15,120/mt, with spot discounts of RMB 50-80/mt against SHFE 1407 zinc contract prices.