SHANGHAI, Jul. 10 (SMM) – LME zinc prices opened at USD 1,983/mt Thursday, then touched a high USD 2,021/mt, and close at USD 2,013/mt, up USD 33/mt or 1.67%. Trading volumes increased 18,047 to 83,599 lots, and total positions fell 1,217 to over 300,000. LME zinc inventories fell 100 to 460,175 mt.
SHFE 1509 zinc contract prices opened at RMB 15,280/mt Thursday evening, then hovered around RMB 15,300/mt, and closed at RMB 15,305/mt, up RMB 270/mt or 1.8%. Trading volumes decreased 37,056 to 81,504 lots, and total positions grew 5,222 to 126,242.
The market is optimistic toward the result of the talk between Greece and EU on Sunday, which will support commodity prices. LME zinc prices should move between USD 1,995-2,025/mt today, and SHFE 1509 zinc contract prices will fluctuate between RMB 15,230-15,350/mt, with spot premiums of RMB 20-70/mt against SHFE 1509 zinc contract prices.