SHANGHAI, Jun. 8 (SMM) – LME zinc prices opened at USD 2,140.5/mt and dipped to a two-month low of USD 2,117/mt during European and US trading session, but rallied later, moving between USD 2,130-2,150/mt, and closing at USD 2,139.5/mt, down USD 2/mt or 0.09%. Trading volumes increased 625 to 8,999 lots, and total positions declined 122 to over 310,000. LME zinc inventories fell 1,975 to 444,500 mt.
SHFE 1508 zinc contract prices opened at RMB 16,230/mt last Friday evening, then moved between RMB 16,230-16,300/mt, and closed at RMB 16,270/mt, down RMB 40/mt or 0.25%.
US seasonally-adjusted employment in May were 280,000, much higher than the 225,000 expected. The growth of average salary per hour in May hit a record high since 2009, suggesting enterprises’ optimism toward economic outlook. The US dollar index surged to 96.90, and closed the day up 0.86%.
The market feared that Greece will default and exit the eurozone, which will impact the euro and global markets.
The US dollar index increased 1.95% to USD 59.13/bbl; precious metals prices plunged. European and US stocks were mixed. LME base metals prices fell more slowly.
LME zinc prices are expected to move between USD 2,120-2,150/mt today. SHFE 1508 zinc contract prices will fluctuate between RMB 16,200-16,300/mt, with spot discounts of RMB 50-20/mt against SHFE 1508 zinc contract prices.
