SHANGHAI, Aug. 18 (SMM) – Market concerns over China’s demand grew as industrial producers in Beijing, Tianjin and Hebei will be forced to cut output. However, the S&P/Case-Shiller Home Price Indices hit a new high since November 2005, helping ease market concerns.
LME zinc prices opened at USD 1,826/mt, then moved between USD 1,810-1,840/mt and closed at USD 1,814/mt, down USD 19/mt or 1.04%. Trading volumes decreased 2 to 5,912 lots, and total positions grew 2,554 to over 320,000.
SHFE 1510 zinc contract prices opened at RMB 14,850/mt Monday evening, then touched RMB 14,935/mt but fell back below the 20-day moving average, and closed at RMB 14,815/mt, down RMB 90/mt or 0.6%. Total trading volumes were down 12,658 to 40,846 lots, and total positions increased 1,038 to 148,718.
LME zinc prices should fluctuated between USD 1,800-1,830/mt today, and SHFE 1510 zinc contract prices will hover between RMB 14,760-14,880/mt, with spot premiums of RMB 220-250/mt.