Overnight, LME zinc closed up $73/mt or 3.02% at $2,493/mt. The trading volume was 12,717 lots, and open interest added 4,042 lots to 199,000 lots. China has promised to strengthen its policy support for the economy. Meanwhile, the confidence of US consumers has improved. And the IMF expects the global economy to grow. The market was optimistic, and most of nonferrous metals rose.
Last night, the most active SHFE zinc contract prices settled at 20,630 yuan/mt, up 330 yuan/mt or 1.63%. The trading volume was 93,000 lots, and open interest gained 532 lots to 130,000 lots. Favorable domestic policies continued to guide the market sentiment, and SHFE zinc prices rose sharply. However, the current domestic production of zinc ingots is stable, and imported zinc continued to arrive. This, combined with slow growth in consumption, undermined support for zinc prices.
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