SHANGHAI, Jun. 12 (SMM) - LME zinc prices are expected to fall to test $2,100 per tonne in the week ending Jun. 19, Shanghai Metals Market predicts.
“LME zinc inventories are now on the increases and expanding contango will weigh down LME zinc prices this coming week, in addition to negative technical indicators,” SMM zinc group says.
LME zinc inventories grew 4,750 tonnes over this past week, according to data.
Investors should also pay a close watch on the dollar, which is likely to get a boost from US’s upbeat economic data, SMM adds.
In China’s markets, SHFE 1508 zinc will follow LME zinc to inch down to 16,100-16,300 yuan per tonne, SMM foresees.
Spot zinc is expected to trade at a premium of 0-50 yuan per tonne over the August delivery zinc contract on the SHFE given falling supply from cargo holders’ reluctance to sell.
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