SHANGHAI, Apr. 23 (SMM) – The LME market reopened yesterday. LME zinc prices opened at USD 2,062.5/mt, then hovered around USD 2,060/mt. during European and US trading hours, euro zone April CCI and Richmond Fed's manufacturing index were positive, pushing up European and US stocks and boosting market sentiment. LME zinc prices advanced and touched USD 2,089.5/mt, and closing at USD 2,085.8/mt, up USD 22.3/mt, or 1.08%. Trading volumes increased by 3,041 lots to 8,875 lots, and total positions decreased by 343 lots to 299,088 lots. LME zinc inventories fell by 3,100 mt to 798,400 mt.
SHFE 1407 zinc contract prices opened at RMB 15,125/mt on Tuesday evening, and then rose to touch RMB 15,180/mt due to the strengthening LME zinc prices and increasing longs on the SHFE market, and closing at RMB 15,150/mt, up RMB 90/mt or 0.6%. Trading volumes increased by 9,010 lots to 10,394 lots, and total positions increased by 4,070 lots to 72,854 lots.
HSBC's April PMI for China will be released today. LME zinc prices are expected to test USD 2,100/mt, and SHFE 1407 zinc contract prices will hover between RMB 15,120-15,200/mt, with spot prices ranging from RMB 20/mt below to RMB 10/mt higher than SHFE 1407 zinc contract prices.