SHANGHAI, Jul. 23 (SMM) – Gold price remained on the downward track, and earnings reports from Apple and Macrosoft were not promising, depressing market sentiment. Positive housing data from the US in June bolstered the US dollar, weighing on base metals price. When combined with investor concerns over China’s demand, LME zinc price extended losses.
LME zinc prices opened at USD 2,038/mt, then plummeted to USD 2,000/mt, and closed at RMB 1,997/mt, down RMB 41/mt or 2.01%. Trading volumes increased 3,758 to 9,280 lots, and total positions fell 921 to 295,835. LME zinc inventories fell 2,175 to 449,750 mt.
SHFE 1509 zinc contract prices hovered between RMB 15,130-15,200/mt Wednesday evening, and closed at RMB 15,165/mt, down RMB 225/mt or 1.46%. Trading volumes increased 17,932 to 51,786 lots, and total positions fell 866 to 107,052.
LME zinc prices should move between USD 1,980-2,010/mt today, and SHFE 1509 zinc contract prices will fluctuate between RMB 15,000-15,180/mt, with spot premiums of RMB 20-60/mt against SHFE 1509 zinc contract prices.
