SHANGHAI, Sept. 29 (SMM) – LME zinc prices opened at USD 1,637/mt on Monday, and plunged to as low as USD 1,601.5/mt, their lowest since June 2010, as Glencore tumbled nearly 30%, which caused panic selloffs. LME zinc prices closed at USD 1,638/mt, up USD 6.5/mt. Trading volumes were up 1,206 to 12,380 lots, and total positions increased 2,962 to 289,156.
SHFE 1512 zinc contract prices opened at RMB 13,300/mt Monday evening, then edged up as a large number of shorts left the market, and closed at RMB 13,485/mt, down RMB 75/mt. Trading volumes were 45,594 lots. Total positions decreased 796 to 147,000.
LME zinc prices are expected to move between USD 1,620-1,650/mt today. SHFE 1512 zinc contract prices will hover between RMB 13,400-13,600/mt, with spot prices RMB 150-200/mt above SHFE 1511 zinc contract prices. Spot premiums of Shuangyan #0 zinc will be RMB 350-400/mt.