SHANGHAI, Jun. 20 (SMM) – The market continued to absorb positive effects from Premier Li's statement. The number of US initial jobless claims last week and Philadelphia Fed's June manufacturing index both topped market expectations, boosting market sentiment. Besides, US Federal Reserve Chairwoman Janet Yellen's statement dragged down the US dollar index to a three-week low, and the GBP against the US dollar hit a five-year high. LME zinc prices opened at USD 2,136/mt overnight, and hovered around USD 2,130/mt. During European and US trading hours, LME zinc prices break through USD 2,150/mt, and closing at a 16-month high of USD 2,159.75/mt, up USD 27.75/mt or 1.3%. Trading volumes decreased by 1,937 lots to 297,943 lots, and total positions decreased 1,937 lots to 297,943 lots.
SHFE 1408 zinc contract prices opened at RMB 15,600/mt on Thursday evening, then touched as high as RMB 15,645/mt, and closing at RMB 15,640/mt, up RMB 115/mt or 0.74%. Trading volumes increased by 7,340 lots to 46,000 lots, and total positions increased by 4,894 lots to 105,900 lots.
LME zinc prices are expected to move between USD 2,145-2,180/mt today, and SHFE 1408 zinc contract prices will move between RMB 15,580-15,680/mt, with spot discounts between RMB 70-110/mt against SHFE 1408 zinc contract prices.