SHANGHAI, Apr. 28 (SMM) – LME zinc prices opened at USD 2,075/mt last Friday. Base metals prices were mixed, with copper and nickel prices strong. LME zinc prices fell after meeting resistance at USD 2,100/mt, inching down to USD 2,049.5/mt, and closing at USD 2,054/mt, down USD 21.8/mt, or 0.83%. Trading volumes decreased by 744 lots to 6,124 lots, and total positions increased by 616 lots to 310,443 lots. LME zinc inventories fell by 3,100 mt to 786,475 mt.
SHFE 1407 zinc contract prices opened at RMB 15,220/mt last Friday evening, and edged down below RMB 15,200/mt, dragged down by LME zinc prices, and closed at RMB 15,175/mt, down RMB 10/mt or 0.07%. Trading volumes decreased by 11,670 lots to 7,662 lots, and total positions increased by 498 lots to 89,690 lots.
US March existing home sales will be released today. LME zinc prices are expected to move between USD 2,040-2,065/mt, and SHFE 1407 zinc contract prices will hover between RMB 15,120-15,200/mt, with spot prices ranging from RMB 10/mt below to RMB 20/mt above SHFE 1407 zinc contract prices.