SMM Zinc Market Morning Review (2015-7-3)

Published: Jul 3, 2015 09:48

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LME zinc prices opened at USD 2,041/mt Thursday, and touched USD 2,059.5/mt then fell back to USD 2,030/mt, and closed at USD 2,027/mt, down USD 21.5/mt or 1.05%.

SHANGHAI, Jul. 3 (SMM) – LME zinc prices opened at USD 2,041/mt Thursday, and touched USD 2,059.5/mt then fell back to USD 2,030/mt, and closed at USD 2,027/mt, down USD 21.5/mt or 1.05%. Trading volumes decreased 3,348 to 10,171 lots, and total positions grew 2,369 to 300,000. LME zinc inventories fell 900 to 464,725 mt.

SHFE 1509 zinc contract prices opened at RMB 15,550/mt Thursday evening, then touched RMB 15,655/mt, but fell back to RMB 15,500-15,550/mt later on and closed at RMB 15,545/mt, up RMB 60/mt or 0.39%. Trading volumes decreased over 10,000 to 73,080 lots, and total positions grew 5,990 to 140,000.

US markets are closed today due to the Independence Day. When combined with the upcoming referendum in Greece and result of Fed’s meeting minutes, the market will be cautious. LME zinc prices should move between USD 2,015-2,045/mt today, and SHFE 1509 zinc contract prices will fluctuate between RMB 15,480-15,580/mt, with spot price range from RMB 20/mt below to RMB 10/mt above SHFE 1509 zinc contract prices.

LME zinc prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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