SHANGHAI, Aug. 20 (SMM) – US July CPI fell short of market expectations, and Fed Chairwoman Janet Yellen’s statement was dovish, weighing down the US dollar and bolstering base metals.
LME zinc prices opened at USD 1,769/mt, then rose to USD 1,780/mt due to short covering and closed at USD 1,792/mt, up USD 25.5/mt or 1.44%. Trading volumes decreased 2,749 to 7,557 lots, and total positions fell over 10,000 to 301,000.
SHFE 1510 zinc contract prices opened at RMB 14,680/mt Wednesday evening, then touched RMB 14,775/mt, and struggled around RMB 14,700/mt, and closed at RMB 14,715/mt, up RMB 95/mt or 0.65%. Total trading volumes were down 5,630 to 44,154 lots, and total positions grew 232 to 144,738.
LME zinc prices should fluctuate between USD 1,780-1,810/mt today, and SHFE 1510 zinc contract prices will hover between RMB 14,680-14,800/mt, with spot premiums of RMB 180-230/mt.