SHANGHAI, Aug. 19 (SMM) – Macroeconomic data released overnight were mixed. Home prices in China's first-tier cities are expected to fall due to high inventories, fueling concerns over China's property market. LME zinc prices opened at USD 2,281.75/mt overnight, dipping to USD 2,266/mt. US NAHB home price index topped market expectations. When combined with easing tension between Ukraine and Russian, risk aversion decreased, pushing up US stocks. LME zinc prices also pulled up to USD 2,294/mt, and closing at USD 2,287.75/mt, up USD 7/mt or 0.13%. Trading volumes decreased by 2,608 to 6,488 lots, and total positions were down by 2,981 to 317,812 lots. LME zinc inventories fell by 450 to 737,400 mt.
SHFE 1410 zinc contract prices opened at RMB 16,430/mt Monday evening, then touching RMB 16,580/mt as a large number of longs rushed to the market, and closing at RMB 16,540/mt, up RMB 100/mt or 0.61%. Trading volumes increased by 26,644 to 245,276 lots, and total positions grew by 15,858 to 249,392 lots.
UK's July CPI and PPI, as well as US July housing and CPI data will be released today, which is expected to be mixed. LME zinc prices will move between USD 2,275-2,300/mt today, and SHFE 1410 zinc contract prices will move between RMB 16,480-16,600/mt, with spot premiums between RMB 0-30/mt against SHFE 1410 zinc contract prices.
