SHANGHAI, May 26 (SMM) – The LME market was closed yesterday due to the Spring Bank Holiday in the UK.
SHFE 1508 zinc contract prices opened at RMB 16,555/mt Monday evening, then rose to RMB 16,660-16,700/mt, and closed at RMB 16,670/mt, up RMB 145/mt or 0.88%. Trading volumes contracted 15,710 to 18,328 lots, and total positions grew 5,106 to 87,868.
China has pushed a series of stimulus measures to stabilize economy, allowing the Shanghai Composite Index to break through 4,800 yesterday, hitting a 7-year high.
The chronic Greek crisis continued to plague the market.
The US dollar index rose further. COMEX crude oil and gold prices remained steady.
LME zinc prices are expected to move between USD 2,175-2,205/mt today. SHFE 1508 zinc contract prices will fluctuate between RMB 16,650-16,750/mt, with spot discounts of RMB 100-70/mt against SHFE 1508 zinc contract prices.