SHANGHAI, Nov. 12 (SMM) –LME zinc prices opened at USD 1,607/mt on Wednesday, and fell to USD 1,553.5/mt, but rallied to USD 1,600/mt. LME zinc prices clawed back some losses and closed at USD 1,627/mt, up USD 20/mt. Trading volumes were down 5,705 to 13,063, and total positions decreased 1,615 to 282,784.
SHFE 1601 zinc contract prices opened at RMB 12,860/mt Wednesday evening, then dropped to a low of RMB 12,735/mt, and hovered around RMB 12,800/mt, and closed at RMB 13,035/mt, up RMB 105/mt or 1.58%. Trading volumes were 378,000 lots, and total positions decreased 3,134 to 223,000.
LME zinc prices are expected to move between USD 1,600-1,630/mt today. SHFE 1601 zinc contract prices will hover between RMB 12,950-13,150/mt, with spot prices RMB 250-320/mt above SHFE 1601 zinc contract prices.