SHANGHAI, Dec. 25 (SMM) - LME zinc prices are expected to rise to $1,600 per tonne after returning from the Christmas holiday next week, moving between $1,520-1,600, SMM foresees.
“The US dollar index should fall to support zinc, and technical indicators also point to upward room for zinc,” said an SMM zinc analyst.
February delivery zinc on the SHFE will hover between 12,800-13,400 yuan per tonne. In China’s spot markets, trade will mute as some traders suspend operation for year-end settlement. Zinc smelters will sell normally. As the price spread between spot zinc and January delivery zinc on the SHFE is large, some investors are expected to purchase goods for delivery of SHFE spot-month zinc. Downstream buyers will purchase as needed due to cash tightness, dampening trading. Spot zinc will trade 160-50 yuan per tonne below SHFE zinc for February delivery.
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