SHANGHAI, Dec. 21 (SMM) – There is limited solid macroeconomic news today. European and US markets will close Thursday due to Christmas holiday, and investors are expected to withdraw due to market caution. LME zinc prices are expected to move between 1,500-1,530/mt today. SHFE 1602 zinc contract prices will fluctuate between RMB 12,650-12,850/mt today.
See forecast for other base metals, please click: Trading to Wane Ahead of Holidays, SMM Says
In China’s spot markets, zinc smelters will sell modestly, and some hedge traders will hold prices firm. There will be additional inflows of imported zinc. Spot zinc should trade RMB 20/mt below or RMB 50/mt above SHFE 1602 zinc contract prices.