SHANGHAI, Apr. 30 (SMM) – The market was cautious ahead of China's May Day holiday and as a series of major economic data from the US will be released in the latter half of the week. LME zinc prices opened at USD 2,057.3/mt overnight, and then moved between USD 2,045-2,065/mt. US Conference Board's April CCI fell short of expectations, pushing down LME zinc prices to touch an intraday low of USD 2,043.5/mt, and closing at USD 2,048.5/mt, down USD 9.5/mt, or 0.46%. Trading volumes increased by 756 lots to 8,566 lots, and total positions increased by 1,011 lots to 298,088 lots. LME zinc inventories fell by 3,200 mt to 780,350 mt.
SHFE 1407 zinc contract prices opened at RMB 15,080/mt on Tuesday evening, and then hovered between RMB 15,060-15,090/mt, and closed at RMB 15,070/mt, down RMB 50/mt or 0.33%. Trading volumes decreased by 990 lots to 4,366 lots, and total positions decreased by 2 lots to 89,628 lots.
LME zinc prices are expected to move between USD 2,040-2,060/mt, and SHFE 1407 zinc contract prices will hover between RMB 15,020-15,100/mt, with spot prices ranging from RMB 10/mt below or RMB 20/mt above SHFE 1407 zinc contract prices.