LME and SHFE Zinc to Experience Corrections, SMM Says

SHANGHAI, May 27 (SMM) – LME zinc market will be closed next Monday and is expected to remain range-bound next week, moving in $1,850-1,920 per tonne range, SMM foresees.

LME zinc meets strong pressure from the 20-day moving average, and the US dollar should continue to rise now that market expectations of a Fed rate hike in the near term increased, SMM says.

The most active zinc contract on the SHFE is expected to fluctuate between 14,700-15,200 yuan per tonne next week, SMM added. Spot premiums should be RMB 0-50/mt. 

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