SHANGHAI, Dec. 11 (SMM) - LME zinc prices are expected to move between $1,510-1,580 per tonne next week, with strong reticence dominating the market, SMM foresees.
Trading volumes on LME zinc continue to shrink recently, meaning strong market caution. The market will continue to absorb news that China’s State Reserve Bureau (SRB) is expected to buy up zinc reserves in the near term. A strong US dollar index will put some pressure on zinc prices.
SHFE zinc for February delivery is expected to fluctuate between 12,500-13,000 yuan per tonne. In China’s spot market, prices will trade 0-100 yuan below February delivery zinc.
“Spot discounts will expand further on sufficient supply and weak demand,” said an SMM zinc analyst. “Continuous inflows of imported zinc will weigh on domestic zinc prices. Smelters selling actively at the year-end will also add to supply.”
The market will eye on Federal Reserve’s interest rate decision next week, and a Shanghai Cooperation Organization (SCO) meeting will be held in Henan.
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