SHANGHAI, Jun. 6 (SMM) – Financial markets and precious metals markets fluctuated widely overnight as European Central Bank executed easy monetary policies, but base metals prices were not affected significantly. LME zinc prices opened at USD 2,081.5/mt, dipping to USD 2,071.75/mt during Asian trading ours before stabilizing between RMB 2,080-2,090/mt, and closing at USD 2,087.75/mt, up USD 5.25/mt or 0.25%. Trading volumes decreased by 2,505 lots to 7,467 lots, and total positions decreased 5,737 lots, to 295,820 lots.
SHFE 1408 zinc contract prices opened at RMB 15,195/mt on Thursday evening, then hovering around RMB 15,200/mt, and closing at RMB 15,190/mt, up RMB 20/mt or 0.13%. Trading volumes decreased by 820 lots to 4,962 lots, and total positions increased by 782 lots to 74,580 lots.
US non-farm employment data will be released today, which is optimistic. After European Central Bank announced ultra easy monetary policies overnight, the US dollar index fell, which gives support to base metals prices. LME zinc prices are expected to move between USD 2,075-2,095/mt today, and SHFE 1408 zinc contract prices will move between RMB 15,160-15,230/mt, with spot discounts between RMB 0-20/mt against SHFE 1408 zinc contract prices.