SHANGHAI, Apr. 29 (SMM) – LME zinc prices opened at USD 2,048/mt overnight, and once touched USD 2074.3/mt during Asian and European trading hours. During the US trading hours, US announced it will crack down on seven Russian government officials and 17 companies that have contact with Russian President Putin. Dragged down by base metals prices, LME zinc prices fell to USD 2,060/mt, and closing at USD 2,058/mt, up USD 4/mt, or 0.19%. Trading volumes increased by 1,686 lots to 7,810 lots, and total positions decreased by 4,366 lots to 297,077 lots. LME zinc inventories fell by 2,925 mt to 783,550 mt.
SHFE 1407 zinc contract prices opened at RMB 15,125/mt on Monday evening, and then hovered between RMB 15,120-15,150/mt, and closed at RMB 15,125/mt, down RMB 25/mt or 0.17%. Trading volumes decreased by 2,306 lots to 5,356 lots, and total positions increased by 520 lots to 87,088 lots.
Eurozone April economic climate index and US Conference Board's CCI will be released today. LME zinc prices are expected to move between USD 2,045-2,070/mt, and SHFE 1407 zinc contract prices will hover between RMB 15,080-15,160/mt, with spot prices premiums between RMB 0-30/mt against SHFE 1407 zinc contract prices.