SHANGHAI, Aug. 14 (SMM) – US stocks rose slightly on positive economic indicators from the US, helping improve market sentiment. However, NYMEX crude oil prices dropped to a six-year low. When combined with market expectations of slower yuan depreciation, the US dollar index strengthened, weighing on commodity market.
LME zinc prices opened at USD 1,837/mt, then moved between USD 1,820-1,840/mt and closed at USD 1,830.5/mt, down USD 5.5/mt or 0.3%. Trading volumes decreased 12,811 to 6,978 lots, and total positions grew 3,685 to 315,437. LME zinc inventories grew over 2,000 mt.
SHFE 1510 zinc contract prices opened at RMB 14,905/mt Thursday evening, then fluctuated between RMB 14,900-14,950/mt, and closed at RMB 14,950/mt, down RMB 5/mt or 0.03%. Total trading volumes were over 60,000 lots, and total positions were up 1,186 to 316,268.
LME zinc prices should fluctuated between USD 1,820-1,850/mt today, and SHFE 1510 zinc contract prices will hover between RMB 14,850-15,000/mt, with spot premiums of RMB 250-300/mt.