SHANGHAI, Apr. 25 (SMM) – Major economic data from the US were positive. US March durable goods orders topped expectations, reflecting US economy is recovering. The rebounding US stocks also boosted base metals prices. LME zinc prices opened at USD 2,058.8/mt, then edged up and touched USD 2,087/mt during European and US trading hours, but falling at the end of trading and closing at USD 2,075.8/mt, up USD 17/mt, or 0.83%. Trading volumes decreased by 1,807 lots to 6,868 lots, and total positions decreased by 153 lots to 300,827 lots. LME zinc inventories fell by 2,450 mt to 789,575 mt.
SHFE 1407 zinc contract prices opened at RMB 15,175/mt on Thursday evening. With rising LME zinc prices, SHFE 1407 zinc contract prices surged to RMB 15,240/mt before falling back, and closed at RMB 15,185/mt, up RMB 35/mt or 0.23%. Trading volumes increased by 4,442 lots to 16,242 lots, and total positions increased by 2,902 lots to 90,148 lots.
University of Michigan's CCI will be released today. Boosted by the upbeat US March durable goods orders, LME zinc prices are expected to move between USD 2,065-2,090/mt, and SHFE 1407 zinc contract prices will hover between RMB 15,150-15,230/mt, with spot prices ranging from RMB 20/mt below to RMB 10/mt above SHFE 1407 zinc contract prices.