SMM Zinc Market Morning Review (2015-9-23)

SHANGHAI, Sept. 23 (SMM) – LME zinc prices opened at USD 1,650/mt on Tuesday, then fluctuated between USD 1,630-1,645/mt, and closed at USD 1,622.5/mt, down USD 25/mt or 1.52%. Total trading volumes were down 849 to 11,706 lots, and total positions increased 3,127 to 280,271. LME zinc inventories fell 3,200 to 602,475 mt.

SHFE 1511 zinc contract prices opened at RMB 13,505/mt Tuesday evening, then dropped to RMB 13,430/mt, and hovered between RMB 13,410-13,440/mt, and closed at RMB 13,440/mt, down RMB 165/mt or 1.21%. Trading volumes were up 48,728 to 154,000 lots. Total positions decreased 2,376 to 184,420.

LME zinc prices are expected to move between USD 1,610-1,640/mt today. SHFE 1511 zinc contract prices will hover between RMB 13,350-13,500/mt, with spot prices RMB 230-280/mt above SHFE 1511 zinc contract prices.