SHANGHAI, Aug. 18 (SMM) – US economic data released last Friday was mixed. US July industry output improved, but investors were cautious since other economic indicators were sluggish. LME zinc prices opened at USD 2,275/mt overnight, touching USD 2,294/mt during Asian trading hours, then falling to USD 2,261.5/mt and closing at USD 2,281.75/mt, up USD 9.5/mt or 0.42%. Trading volumes decreased by 1,451 to 9,096 lots, and total positions were down by 1,762 to 320,793 lots. LME zinc inventories continued to grow by 9,900 mt to 737,850 mt.
SHFE 1410 zinc contract prices opened at RMB 16,380/mt last Friday evening, then touching RMB 16,465/mt with rising LME zinc prices, and closing at RMB 16,465/mt, up RMB 30/mt or 0.18%. Trading volumes decreased by 115,332 to 218,632 lots, and total positions grew by 1,782 to 239,676 lots.
The market is awaiting the results of global central banks’ meetings and US Fed policy meeting minutes. LME zinc prices will move between USD 2,265-2,295/mt today, and SHFE 1410 zinc contract prices will move between RMB 16,400-16,500/mt, with spot premiums between RMB 10-40/mt against SHFE 1410 zinc contract prices.