SHANGHAI, Aug. 15 (SMM) – Zinc prices may fall technically this week but will still stay at highs since fundamentals will continue to underpin zinc prices, SMM foresees.
LME zinc may move in the range of $2,860-2,960 per tonne this week, SMM predicts. SHFE September zinc, the most actively traded contract, will move between 23,650-24,500 yuan per tonne.
SMM survey finds the average operating rate at domestic zinc smelters fell 1.25% in July. Meanwhile, imports are still limited. Zinc inventories are still at low levels. Consumption is steady as a whole. These factors will bolster zinc prices, SMM explained.
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