SHANGHAI, Jun. 9 (SMM) – LME zinc prices opened at USD 2,087.5/mt last Friday, then price volatility was up. LME copper prices plunged nearly 2% during Asian and European trading hours due to China’s probe into finance-driven imports at Qingdao port, dragging down LME zinc prices to USD 2,060/mt. But US non-farm employment data turned out to be positive, boosting market confidence. The Standard & Poor’s 500 Index hit a record high, pushing up LME zinc prices to break through USD 2,100/mt, touching USD 2,108/mt, and closing at USD 2,100.75/mt, up USD 12.75/mt or 0.61%. Trading volumes increased by 5,289 lots to 12,756 lots, and total positions increased 7,647 lots, to 303,467 lots.
SHFE 1408 zinc contract prices opened at RMB 15,150/mt last Friday evening, then touched RMB 15,275/mt due to rising LME zinc prices, and closing at RMB 15,265/mt, up RMB 75/mt or 0.49%. Trading volumes increased by 10,088 lots to 15,000 lots, and total positions increased by 4,166 lots to 77,208 lots.
The market will continue to absorb positive effects from US non-farm employment data, which will bolster base metals prices. LME zinc prices are expected to move between USD 2,085-2,110/mt today, and SHFE 1408 zinc contract prices will move between RMB 15,220-15,280/mt, with spot discounts between RMB 0-30/mt against SHFE 1408 zinc contract prices.