SHANGHAI, Oct. 29 (SMM) – LME zinc prices opened at USD 2,260/mt, then fluctuated between USD 2,250-2,260/mt. LME zinc underperformed other base metals, dipping to USD 2,238.25/mt. Despite downbeat US durable goods orders, Richmond Fed's manufacturing index and Conference Board's CCI were both upbeat, driving up LME zinc prices and closing at USD 2,257/mt, flat at the previous trading day.
SHFE 1501 zinc contract prices opened higher at RMB 16,530/mt on Tuesday, then climbed to RMB 16,565-16,595/mt, and closing at RMB 16,565/mt, up RMB 35/mt or 0.21%. Trading volumes were 61,360 lots, and total positions rose 7,900 to 136,796 lots.
The market will lack solid macroeconomic news today, and await Fed's interest rate decision. LME zinc prices will fluctuate between USD 2,240-2,270/mt today, and SHFE 1412 zinc contract prices will move between RMB 16,560-16,660/mt, with spot premiums between RMB 250-300/mt against SHFE 1412 zinc contract prices.