SHANGHAI, May 27 (SMM) – Upbeat economic indicators from the US boosted the US dollar index. Chronic Greek crisis weighed down the euro and base metals prices. LME zinc prices opened at USD 2,178/mt, then rose to USD 2,200/mt but dropped back to USD 2,180/mt, and closed at USD 2,185/mt, up USD 9.5/mt or 0.44%. Trading volumes decreased 4,205 to 8,538 lots, and total positions fell 2,906 to over 320,000. LME zinc inventories fell 2,100 to 460,000 mt.
SHFE 1508 zinc contract prices opened at RMB 16,455/mt Tuesday evening, then rose as a growing number of longs entered the market, and closed at RMB 16,540/mt, down RMB 60/mt or 0.36%. Trading volumes increased 22,238 to 40,566 lots, and total positions grew 7,766 to 97,654.
The US dollar index surged on upbeat economic data from the US. US durable goods orders rose 1% in April, sanitizing of transportation and military aircraft orders, batter than the 0.3% expected. New home sales in April increased 517,000 units, up from the 508,000 expected. Home prices in the US continued to climb. Conference Board’s CCI in May was 95.4, higher than the 95 expected. The US dollar index thus jumped 0.94%.
Ongoing Greek crisis caused market concerns to grow and weighed down European and US stocks.
China Securities Regulatory Commission (CSRC) President Assistant Zhang Yujun expressed cross-marking investing between Shenzhen and Hong Kong will be realized during H2. Zhuhai Zhongfu Industrial Company defaulted.
Crude oil and gold prices plunged due to the US dollar index. LME base metals prices closed with declines except for lead and zinc.
LME zinc prices are expected to move between USD 2,170-2,200/mt today. SHFE 1508 zinc contract prices will fluctuate between RMB 16,530-16,630/mt, with spot discounts of RMB 80-60/mt against SHFE 1507 zinc contract prices.