SHANGHAI, Oct. 20 (SMM) – US housing starts in September rebounded, and US October CCI reached a record high since 2007, helping ease market concerns over US economy. In this context, US stocks rose across the board. LME zinc prices opened at USD 2,225/mt then dipped to USD 2,208.25/mt, but inched up to USD 2,250/mt, and closed at USD 2,252/mt, up USD 17/mt or 0.76%. Trading volumes decreased 9,972 to 10,959 lots, and total positions increased 1,130 to 307,000 lots. LME zinc inventories fell 1,625 to 723,150 mt.
SHFE 1412 zinc contract prices opened at RMB 16,250/mt last Friday evening, then touched RMB 16,375/mt, and closed at RMB 16,345/mt, up RMB 165/mt or 1.02%. Trading volumes decreased 144,576 to 279,428 lots, and total positions increased 1,120 to 158,638 lots.
The PBOC injected RMB 200 billion through standing lending facility to domestic commercial banks, causing market sentiment to improve. LME zinc prices will fluctuate between USD 2,250-2,280/mt today, and SHFE 1412 zinc contract prices will inch up to RMB 16,340-16,470/mt, with spot premiums between RMB 270-320/mt against SHFE 1412 zinc contract prices.