SHANGHAI, Aug. 17 (SMM) – US industry output growth hit an eight-month high in July, with July PPI also topping market expectations. However, August CCI dropped to a new low since November last year, weighing on crude oil prices.
LME zinc prices opened at USD 1837.5/mt, then moved between USD 1,820-1,830/mt and closed at USD 1,833/mt, up USD 2.5/mt or 0.14%. Trading volumes decreased 1,064 to 5,914 lots, and total positions grew 2,492 to 317,929. LME zinc inventories grew 1,200 to 461,725 mt.
SHFE 1510 zinc contract prices opened at RMB 14,990/mt last Friday evening, then fluctuated around RMB 14,950/mt, and closed at RMB 14,940/mt, up RMB 30/mt or 0.2%. Total trading volumes were up 5,550 to 53,504 lots, and total positions decreased 3,398 to 147,074.
LME zinc prices should fluctuated between USD 1,810-1,840/mt today, and SHFE 1510 zinc contract prices will hover between RMB 14,850-15,000/mt, with spot premiums of RMB 200-250/mt.