SHANGHAI, Oct. 23 (SMM) - LME zinc prices will move between $1,670-1,760 per tonne next week, testing support from $1,700, SMM foresees.
“Dovish statement of European Central Bank President Mario Draghi weighed down the euro and drove up the US dollar, which climbed to 96. This will weigh on LME zinc prices next week,” said an SMM zinc analyst.
SHFE zinc for December delivery will fluctuate between 13,600-14,200 yuan per tonne, the zinc analyst added. Spot trading will be quiet. Supply is still healthy due to high operating rates at zinc smelters and previous inflows of imported zinc, but demand remains soft. Spot zinc price will trade 100-200 yuan per tonne above December delivery zinc on the SHFE.
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