SHANGHAI, Sept. 18 (SMM) - LME zinc prices are expected to move in the $1,710-1,770 per tonne range next week, said an SMM zinc analyst.
“The US dollar fell as the Fed left its benchmark rate untouched at its latest policy meeting. This will bolster base metals,” the zinc analyst explained. “Nonetheless, zinc inventories continue to grow, leaving little upward room for the metal,”
November delivery zinc contract on SHFE will move between 14,250-14,700 yuan per tonne, and #0 zinc will trade 40-200 yuan above the first.
Supply will be ample due to continuous inflows of imported zinc and inventory liquidation at the quarter’s end. Downstream buyers are expected to build stocks ahead of the Chinese National Day holiday, with trading brisk.
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