SHANGHAI, Jul. 2 (SMM) – LME zinc prices opened at USD 2,006.5/mt Wednesday, and reversed losses during European and US trading session, touching as high as USD 2,058/mt, and closed at USD 2,048.5/mt. Trading volumes decreased 3,904 to 3,904 lots, and total positions grew 3,262 to 297,730. LME zinc inventories grew 1,225 to 465,625 mt.
SHFE 1509 zinc contract prices opened at RMB 15,340/mt, then rallied to RMB 15,500/mt, and closed at RMB 15,530/mt, up RMB 300/mt or 1.97%. Trading volumes increased 13,104 to 83,918 lots, and total positions declined 2,522 to 136,990.
US non-farm employment data slated for release today is promising, which will boost market sentiment. LME zinc prices should move between USD 2,020-2,050/mt today, and SHFE 1509 zinc contract prices will fluctuate between RMB 15,450-15,560/mt, with spot premiums of RMB 0-30/mt.