SHANGHAI, Oct. 17 (SMM) – As the market was depressed by sluggish economic indicators, LME opened at USD 2,268/mt then dropped below USD 2,200/mt to touch a three-month low of USD 2,193/mt. The number of US initial jobless claims unexpectedly fell to a record low since April 2000, helping ease market pessimism. LME zinc prices clawed back some losses and rallied to USD 2,230/mt, and closing at USD 2,235/mt, down USD 25.25/mt or 1.12%.
SHFE 1412 zinc contract prices opened low at RMB 16,140/mt overnight, and touched RMB 16,265/mt with the entrance of longs, and closed at RMB 16,250/mt, down RMB 175/mt or 1.07%. Trading volumes increased 15,918 to 424,004 lots, and total positions decreased 856 to 159,726 lots.
The market will lack major economic news today. But the US will announce its September housing starts and construction permits, which are expected to top August’s levels. LME zinc prices will fluctuate between USD 2,220-2,250/mt, and SHFE 1412 zinc contract prices will move between RMB 16,190-16,310/mt, with spot premiums between RMB 300-350/mt against SHFE 1412 zinc contract prices.