SHANGHAI, Mar. 23 (SMM) – The Fed will not announce interest rate hike any time soon, pushing the US dollar index back to 97. The number of US drilling platforms decreased for the 15th straight week, giving support to crude oil prices and caused short covering at commodity market. LME zinc prices opened at USD 2,022/mt, then surged to USD 2,050/mt, and closed at USD 2,055/mt, up USD 34.5/mt or 1.71%. Trading volumes were up 4,447 to 11,263 lots, and total positions increased 1,111 to 282,105. LME zinc inventories fell 3,250 to 524,075 mt.
SHFE 1505 zinc contract prices soared to RMB 15,950/mt after opening last Friday evening, and fluctuated between RMB 15,860-15,900/mt at the end of trading, and closed the day at RMB 15,870/mt, up RMB 210/mt or 1.34%. Trading volumes increased 45,012 to 74,678 lots, and total positions decreased 12,610 to 129,980.
LME zinc prices are expected to move between USD 2,040-2,080/mt today. SHFE 1505 zinc contract prices will fluctuate between RMB 15,830-15,930/mt, with spot discounts of RMB 80-50/mt against SHFE 1505 zinc contract prices.
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