SHANGHAI, Jan. 8 (SMM) – Inflation rate in the euro zone released overnight dropped to a negative territory for the first time since 2009, pushing the euro to fall to a nine-year low. ADP’s employment figures for the US in December recovered, driving up the US dollar index to breach 92, weighing down base metals prices. LME zinc prices opened at USD 2,175/mt, then slid to a weekly low of USD 2,129.75/mt, and closing at USD 2,137/mt, down USD 37.75/mt or 1.74%. Trading volumes were up 6,879 to 13,922 lots, and total positions increased 3,970 to 313,526. LME zinc inventories fell 4,200 to 680,850 mt.
SHFE 1503 zinc contract prices opened at RMB 16,560/mt Wednesday evening, then dipped to RMB 16,420/mt, and closing at RMB 16,450/mt, down RMB 215/mt or 1.29%. Trading volumes were up 28,148 to 103,490 lots, and total positions increased 686 to 162,426.
The high US dollar index will continue to weigh on base metals prices. LME zinc prices are expected to move between USD 2,125-2,155/mt. SHFE 1503 zinc contract prices will move between RMB 16,420-16,530/mt, with spot premiums between RMB 210-250/mt against SHFE 1503 zinc contract prices.
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