SHANGHAI, Oct. 16 (SMM) – Major economic indicators from China, Europe and the US overnight were sluggish, weighing down base metals. LME zinc prices plummeted to USD 2,260/mt, and dipped to as low as USD 2,258/mt, and closing at USD 2,260.25/mt, down USD 87.25/mt or 3.74%. Trading volumes increased by 5,113 to 14,454 lots, and total positions were down 4,306 to 305,000 lots.
SHFE 1412 zinc contract prices opened low at RMB 16,535/mt overnight, and fell to RMB 16,365/mt with the entrance of shorts, and closed at RMB 16,370/mt, down RMB 365/mt or 2.18%. Trading volumes decreased 12,724 to 408,086 lots, and total positions increased 4,280 to 169,010 lots.
The market will continue to absorb sluggish economic news today. LME zinc prices will fluctuate between USD 2,250-2,275/mt, and SHFE 1412 zinc contract prices will move between RMB 16,300-16,400/mt, with spot premiums between RMB 250-300/mt against SHFE 1412 zinc contract prices.