SHFE Zinc Prices Rose Slightly Overnight

SHANGHAI, Apr 11 (SMM) - Overnight, the World Bank slightly raised its 2023 global growth forecast to 2%, focusing on China's debt negotiations; the U.S. Deputy Treasury Secretary said the U.S. would not seek to decouple from China or limit China's growth; the new governor of the Bank of Japan said that more time was needed to measure inflation trend; China will release March CPI and PPI data on Tuesday, and the two figures are expected to increase by 1% and fall by 2.5% year-on-year.

The LME was closed due to Easter.

Overnight, the most-traded SHFE 2305 zinc contract opened at 22,120 yuan/mt and closed at 22,135 yuan/mt, down 120 yuan/mt or 0.54%. Trading volume was reduced to 23,458 lots, and open interest lost 916 lots to 104,000 lots.

According to SMM data, zinc ingot social inventory across seven markets in China rose slightly to 150,000 mt as of April 10. At the same time, the poor ferrous metal prices and high inventory of galvanised zinc weighed down the operating rates of galvanising plants. The longs are still suppressed by macro sentiment, and SHFE zinc prices will remain rangebound.