SHANGHAI, Jun. 17 (SMM) – LME zinc prices opened at USD 2,110/mt then fell to USD 2,084/mt, and closed at USD 2,095/mt, down USD 14.5/mt or 0.69%. Trading volumes decreased 2,597 to 8,910 lots, and total positions declined 6,365 to 299,421. LME zinc inventories fell 2,075 to 467,475 mt.
SHFE 1508 zinc contract prices opened at RMB 16,095/mt Tuesday evening, then dropped to RMB 16,050/mt, and closed at RMB 16,055/mt, down RMB 40/mt or 0.25%.
Greece debt crisis continued to overshadow market. EU officials talked whether Greece can still stay inside EU after its default, driving Greece stocks down 3.5%.
Data from US were mixed. May’s housing starts slipped after hitting a 7-year high in April, short of market estimate. But building permits reached a fresh high since 2007 in May, indicating a strong potential strength in US housing market. US stocks increased across the board yesterday with three major stocks up near 0.5%.
UK May’s year-on-year CPI grew for the first time in four months, on par with expectation and ending April’s temporary deflation. Germany ZEW economic sentiment indicator in June fell short of forecast.
Major stocks diverged in global equity market. China’s A-share tumbled below 500 yesterday. LME base metals all slipped.
LME zinc prices are expected to hover between USD 2,080-2,110/mt today. SHFE 1508 zinc contract prices will fluctuate between RMB 16,000-16,100/mt, with spot prices ranging from RMB 10/mt below to RMB 10/mt above SHFE 1508 zinc contract prices.