SMM Morning Comments (Jun 27): LME And SHFE Zinc Prices Showed Mixed Trends

Published: Jun 27, 2023 09:15

Source: SMM

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SHANGHAI, Jun 27 (SMM) –LME and SHFE zinc prices showed mixed trends

Zinc: Overnight, LME zinc price inched down, weighed down by the 5/20-day moving average. LME zinc inventories decreased by 175 mt, or 0.22%, to 78,600 mt. Europe and the US economic data was not good, raising concerns about economic recession. Therefore, non-ferrous metal prices moved down.

SHFE zinc market closed with a small rise overnight. With participants’ expectation on more favorable policies to be difficult to be implemented, the RMB index trended lower. In addition, social inventory piled up by 10,400 mt on the year after the Chinese Dragon Boat Festival holiday due to the inflow of imported zinc. Therefore, SHFE zinc market swung on a soft note.

[Disclaimer: The above representation and data is based on market information SMM believes to be reliable at the time of acquiring as well as the comprehensive assessment by SMM research team, and any and all information provided in this article is for reference only. This article does not constitute a direct recommendation for investment or any decisions in any form and clients shall act on their own discreet and any decisions made by clients are not within the responsibility of SMM.]

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