SHANGHAI, Nov. 5 (SMM) –LME zinc prices opened at USD 1,695/mt on Wednesday, then moved around USD 1,700/mt. ISM non-manufacturing index and ADP payrolls in the US both topped market expectations which, combined with Fed Chair Janet Yellen’s hawkish statement, drove up the US dollar to 98. LME zinc prices then fell back and closed at USD 1,676.5/mt, down USD 23.5/mt, or 1.38%.Trading volumes were up 1,383 to 10,092, and total positions decreased 762 to 284,281.
SHFE 1601 zinc contract prices surged to RMB 13,875/mt Wednesday evening, then dropped on soaring US dollar, and closed at RMB 13,625/mt, down RMB 40/mt. Trading volumes were 152,000 lots, and total positions increased 6,918 to 156,000.
LME zinc prices are expected to move between USD 1,660-1,690/mt today. SHFE 1601 zinc contract prices will hover between RMB 13,550-13,700/mt, with spot prices RMB 110-170/mt above SHFE 1512 zinc contract prices.