SHANGHAI, May 29 (SMM) - LME zinc opened at $2,253/mt last Friday, and rose to around $2,340/mt before closing at $2,338/mt, an increase of $80.5/mt or 3.57%. Trading volume fell to 9,852 lots, and open interest rose 1,803 lots to 193,000 lots. LME zinc inventory rose 11,100 mt to 74,550 mt.
During last Friday’s night session, the most-traded SHFE 2307 zinc contract moved up after opening at 19,300 yuan/mt, closing at 19,555 yuan/mt, up 585 yuan/mt or 3.08%. Trading volume fell to 127,000 lots, and open interest decreased by 4,118 lots to 138,000 lots. Although the Fed's hawkish remarks continued, the news that the debt ceiling agreement was basically reached eased the market jitters. The US core PCE price index recorded a higher-than-expected monthly rate of 0.3% in April, thus the market still needs to be wary of the pressure brought by possible interest rate hikes.
