SHANGHAI, Aug. 7 (SMM) – Trading volumes on China’s A-share market hit a six-month low. When combined with falling US stocks markets, base metals prices were weighed down.
LME zinc prices opened at USD 1,896.5/mt, and dipped to a new low since November 28, 2013, and closed at USD 1,865.5/mt, down USD 24.5/mt or 1.29%. Trading volumes decreased 90,358 to 9,921 lots, and total positions grew 3,267 to 309,879. LME zinc inventories fell 1,225 to 429,650 mt.
SHFE 1510 zinc contract prices opened at RMB 14,550/mt Thursday evening, then hovered around RMB 14,450/mt, and closed at RMB 14,435/mt, down RMB 200/mt or 1.37%.
LME zinc prices should move between USD 1,865-1,895/mt today, and SHEF 1510 zinc contract prices will hover between RMB 14,400-14,550/mt, with spot premiums of RMB 330-380/mt.