SHANGHAI, Sept. 17 (SMM) – LME zinc prices opened at USD 1,752/mt overnight, then fell all the way to USD 1,698/mt due to slumping Shanghai Composite Index. European and US stocks markets surged, and API crude oil inventories fell 3.10 million bbl, bolstering crude oil prices. In this scenario, LME zinc prices clawed back some losses and closed at USD 1,738/mt, down USD 8.5/mt or 0.49%. Total trading volumes were up 54,724 to 172,000 lots, and total positions decreased 619 to 288,000. LME zinc inventories grew 23,350 to 617,325 mt.
SHFE 1511 zinc contract prices opened at RMB 14,365/mt Tuesday evening, then fluctuated between RMB 14,330-14,460/mt, and closed at RMB 14,455/mt, down RMB 20/mt or 0.14%. Trading volumes were up 3,310 to 76,126 lots. Total positions increased 1,650 to 130,082.
LME zinc prices are expected to move between USD 1,725-1,755/mt today. SHFE 1511 zinc contract prices will hover between RMB 14,400-14,600/mt today, with spot prices RMB 50-120/mt above SHFE 1511 zinc contract prices.