SHANGHAI, Jun. 17 (SMM) – LME zinc prices opened at USD 2,083.5/mt overnight, and fluctuated in a narrow range during Asian trading hours. During European and US trading hours, the market was absorbing positive effects from China’s deposit reserve ratio drop. Besides, US economic data released overnight boosted the market, driving up US stocks and pushing up LME zinc prices to touch an intraday high of USD 2,107/mt, up USD 20.75/mt or 0.99%. Trading volumes decreased by 2,897 lots to 5,326 lots, and total positions decreased 5,998 lots, to 31,700 lots. LME zinc inventories fell by 1,275 mt to 683,350 mt.
SHFE 1408 zinc contract prices opened at RMB 15,375/mt on Monday evening, then touched RMB 15,435/mt, and closing at RMB 15,430/mt, up RMB 55/mt or 0.36%. Trading volumes decreased by 20,000 lots to 24,000 lots, and total positions increased by 2,470 lots to 107,432 lots.
The FOMC policy meeting is the focus of markets today. Euro zone May CCI will be released today, which is optimistic. LME zinc prices are expected to move between USD 2,090-2,120/mt today, and SHFE 1408 zinc contract prices will move between RMB 15,380-15,480/mt, with spot discounts between RMB 40-80/mt against SHFE 1408 zinc contract prices.