SHANGHAI, Jun. 5 (SMM) – China's probe at the port of Qingdao worried the market and weighed down base metals prices. When combined with slowing euro zone Q1 GDP growth, European stocks dropped, depressing market sentiment. LME zinc prices opened at USD 2,090/mt, and dipped to USD 2,066.75/mt, and closing at USD 2,082.5/mt, down USD 6.5/mt or 0.31%.
SHFE 1408 zinc contract prices opened at RMB 15,150/mt, and closing at RMB 15,170/mt, down RMB 10/mt or 0.07%. Trading volumes decreased by 378 lots to 72,768 lots, and total positions decreased to 4,142 lots.
Interest rates decision by the Bank of England and European Central Bank will be announced today. LME zinc prices are expected to move between USD 2,070-2,095/mt today, and SHFE 1408 zinc contract prices will inch down to RMB 15,110-15,200/mt, with spot prices ranging from RMB 20/mt below to RMB 10/mt above SHFE 1408 zinc contract prices.