SMM News: according to foreign news on May 28, London and Shanghai zinc prices rose for the second day in a row on Tuesday, after the early sell-off continued to rebound, as investors worried about the decline in zinc inventory levels.
Zinc stocks in the previous period fell 18.1 per cent from the previous week to 56320 tons, according to data released on Friday by the Shanghai Futures Exchange.
(LME) zinc stocks on the London Metal Exchange fell for five days last week to 102600 tons.
The LME market resumed trading on Tuesday after the market was closed on Monday due to a spring bank holiday in the UK. U. S. financial markets were also closed on Monday for Memorial Day.
At one point, LME's three-month zinc rose 1.5 per cent to $2599 a tonne, with the latest report at $2584.50 a tonne.
The main seven-month zinc contract climbed 2.4% to 20795 yuan per ton and closed at 20720 yuan per ton in the afternoon.
Spot zinc at LME hit a 22-year high of $161 a tonne on Friday over three-month zinc, a sign of recent supply constraints.
LME copper for three-month delivery rose as much as 0.9 per cent to $6010 a tonne before falling back to $5997.5.
The main contract for Shanghai copper futures rose 0.2 per cent to 47260 yuan a tonne in midday trading.