SHANGHAI, Dec. 8 (SMM) – Strong short momentum on crude oil market should drag down base metals. LME zinc prices are expected to move between USD 1,505-1,535/mt today. SHFE 1602 zinc contract prices will be more resistant to declines overnight, but will fall to RMB 12,400-12,650/mt today.
See forecast for other base metals, please click: Shanghai Base Metal Prices to Stay Weak, SMM Says
In China’s spot markets, zinc smelters will sell modestly, and hedge traders will release goods, with additional arriving shipments of imported zinc. Spot premiums are expected to be RMB 90-160/mt against SHFE 1601 zinc contract prices.