SHANGHAI, Jul. 15 (SMM) – Base metals prices rose across the board on improving market sentiment. Greece accepted a batch of reforms, meaning it will not exit the eurozone. US retail sales were sluggish, weighing on the US dollar index. Crude oil prices also climbed, inspiring the market.
LME zinc prices opened at USD 2,050/mt Tuesday, then edged up to USD 2,060/mt, and closed at RMB 2,061/mt, up RMB 7/mt or 0.34%. Trading volumes decreased 2,745 to 9,500 lots, and total positions fell 3,066 to over 300,000. LME zinc inventories fell 1,075 to 457,000 mt.
SHFE 1509 zinc contract prices opened at RMB 15,470/mt Tuesday evening, then edged up to RMB 15,600/mt, and closed at RMB 15,610/mt, up RMB 90/mt or 0.58%. Trading volumes decreased 17,056 to 87,864 lots, and total positions grew 2,206 to 127,422.
China’s Q2 growth and fixed asset investment in H1 slated for release today are not promising, leaving investors cautious. LME zinc prices should move between USD 2,030-2,070/mt today, and SHFE 1509 zinc contract prices will fluctuate between RMB 15,500-15,650/mt, with spot price ranging between RMB 10/mt below to RMB 30/mt above SHFE 1509 zinc contract prices.