SHANGHAI, Jul. 8 (SMM) – Commodity prices plunged overnight on growing market pessimism. LME zinc prices opened at USD 2,015/mt Tuesday, then slumped below USD 2,000/mt, dipping to a new low of USD 1,925/mt since January 2014 and closing at USD 1,953.5/mt, down USD 63.5/mt or 3.15%. Trading volumes decreased 9,868 to 63,000 lots, and total positions grew 600 to 300,000. LME zinc inventories fell 675 to 460,000 mt.
SHFE 1509 zinc contract prices opened at RMB 15,200/mt Tuesday evening, then fell to RMB 14,505/mt, and closed at RMB 14,875/mt, down RMB 390/mt or 2.55%.
LME zinc prices should move between USD 1,945-1,975/mt today, and SHFE 1509 zinc contract prices will fluctuate between RMB 14,850-15,000/mt, with spot premiums of RMB 30-60/mt against SHFE 1509 zinc contract prices.