SHANGHAI, Sept. 2 (SMM) –LME zinc prices opened at USD 1,808/mt Tuesday, then rose to USD 1,832.5/mt, but rolled back early gains with plummeting crude oil prices, and closed at USD 1,806/mt, down USD 6/mt or 0.33%. Trading volumes decreased 4,676 to 11,014 lots, and total positions decreased 3,930 to over 291,360. LME zinc inventories grew 2,050 mt to 524,925 mt.
SHFE 1511 zinc contract prices opened at RMB 14,690/mt Tuesday evening, then surged to RMB 14,720-14,760/mt, and closed at RMB 14,765/mt, up RMB 80/mt or 0.54%. Total trading volumes were up 9,652 to 30,792 lots, and total positions increased 3,562 to 122,978.
LME zinc prices are expected to move between USD 1,790-1,820/mt today. SHFE 1511 zinc contract prices will hover between RMB 14,650-14,800/mt today, with spot premiums of RMB 40-110/mt against SHFE 1510 zinc contract prices. Risk aversion will dominate the market ahead of the three days holiday in China.