SMM Zinc Market Morning Review (2015-3-20)

SHANGHAI, Mar. 20 (SMM) – The number of US initial jobless claims last week were upbeat, suggesting a steady growth of US economy. LME zinc prices rose with LME copper and aluminum prices, climbing to the 5 and 10-day moving average and hovering around USD 2,015/mt. LME zinc prices closed at USD 2,020.5/mt, up USD 14/mt. Trading volumes were down 3,015 to 6,816 lots, and total positions decreased 4,446 to 280,000. LME zinc inventories fell 3,275 to 527,325 mt.

SHFE 1505 zinc contract prices opened at RMB 15,650/mt Thursday evening, then climbed to RMB 15,670/mt, and closed the day at RMB 15,685/mt, up RMB 70/mt or 0.45%. Trading volumes decreased 19,652 to 29,666 lots, and total positions decreased 1,402 to 150,808.

LME zinc prices are expected to move between USD 2,005-2,025/mt today. SHFE 1505 zinc contract prices will fluctuate between RMB 15,620-15,720/mt, with spot discounts of RMB 50-20/mt against SHFE 1505 zinc contract prices.