SHANGHAI, Feb. 3 (SMM) – Major economic indicators released overnight were mixed. HSBC’s January PMI remained below 50 for the second straight month. US economic figures released overnight were also sluggish, weighing on the US dollar index. When combined with rising Comex crude oil prices, market sentiment received a boost.
LME zinc prices opened at USD 2,116/mt, then hovered between USD 2,125-2,135/mt, and closing at USD 2,127/mt, up USD 7/mt or 0.33%. Trading volumes were down 14,353 to 59,016 lots, and total positions increased 730 to 286,000. LME zinc inventories fell 2,675 to 628,075 mt.
SHFE 1504 zinc contract prices opened at RMB 16,208/mt Monday evening, then inched up and closed at RMB 16,260/mt, up RMB 90/mt or 0.56%.
LME zinc prices are expected to move between USD 2,110-2,140/mt. SHFE 1504 zinc contract prices will fluctuate between RMB 16,200-16,300/mt, with spot prices ranging from RMB 30/mt below to RMB 10/mt above SHFE 1503 zinc contract prices.
