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SMM Zinc Market Morning Comment (June 5)

iconJun 5, 2023 10:16
SHANGHAI, Jun 5 (SMM) – LME zinc opened at $2,281.5/mt last Friday, and hit a high of $2,341.5/mt before closing at $2,301.5/mt, up $24.5/mt or 1.08%.

SHANGHAI, Jun 5 (SMM) – LME zinc opened at $2,281.5/mt last Friday, and hit a high of $2,341.5/mt before closing at $2,301.5/mt, up $24.5/mt or 1.08%. Trading volume rose to 11,335 lots, and open interest increased by 4,058 lots to 200,000 lots. LME zinc inventories were flat at 87,450 mt last Friday. The passage of the US debt bill last Friday led to an improvement in macro sentiment. However, inflationary pressure in the US and fears of oversupply will cap gains of LME zinc prices. 

At last Friday’s night session, the most-traded SHFE 2307 zinc contract opened at 19,380 yuan/mt, and dipped to 19,265 yuan/mt before closing at 19,305 yuan/mt, up 70 yuan/mt or 0.36%. Smelters maintained high production, while consumption barely improved. SHFE zinc prices will face downside risks.

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