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

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.

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