SHANGHAI, Jun. 27 (SMM) – Major macroeconomic news during Asian trading hours was positive. LME zinc prices opened at USD 2,182.25/mt, then dropped to USD 2,185/mt. US household spending in May and the number of initial jobless claims last week were both downbeat, pushing down US stocks and depressing market confidence. In this context, LME zinc prices dipped to USD 2,189.5/mt, and closing at USD 2,193/mt, up USD 10.25/mt or 0.47%. Trading volumes increased by 251 lots to 8,047 lots, and total positions increased 468 lots to 311,313 lots. LME zinc inventories were down 1,075 mt to 667,700 mt.
SHFE 1409 zinc contract prices opened at RMB 15,805/mt on Thursday evening, then rose to RMB 15,870/mt due to strong long momentum, a record high over the past year, but falling to RMB 15,800/mt as a large number of longs left the market, and closing at RMB 15,810/mt, up RMB 70/mt or 0.44%. Trading volumes increased by 21,770 lots, to 68,020 lots, and total positions increased by 3,120 lots to 156,726 lots.
Data from China's scale-efficient industrial enterprises in May and Q1 GDP from the UK and France will be released today. LME zinc prices will move between USD 2,180-2,200/mt today, and SHFE 1409 zinc contract prices will move between RMB 15,760-15,870/mt, with spot discounts between RMB 170-140/mt against SHFE 1409 zinc contract prices.