SHANGHAI, Aug. 26 (SMM) – The LME market was closed overnight due to the summer bank holiday.
SHFE 1410 zinc contract prices opened at RMB 16,770/mt Monday evening, then fell to RMB 16,710/mt as a large number of shorts entered the market, but found support at the 30-day moving average before fluctuating between RMB 16,730-16,750/mt, and closing at RMB 16,745/mt, down RMB 5/mt or 0.03%. Trading volumes decreased by 152,054 to 86,396 lots, and total positions grew by 1,354 to 200,908 lots.
China Conference Board's July leading economic indicators and US major economic data will be released today, which are expected to be mixed. LME zinc prices will fluctuate between USD 2340-2370/mt, and SHFE 1410 zinc contract prices will move between RMB 16,720-16,820/mt, with spot premiums between RMB 30-70/mt against SHFE 1410 zinc contract prices, and RMB 10-30/mt against 1411 zinc contract prices.