Overnight, LME zinc opened at $2475/mt and closed down $49/mt or 1.98% at $2430/mt. The trading volume was 8629 lots, and open interest lost 161 lots to 201,000 lots.
The U.S. GDP surged by 4.9% year-on-year in the third quarter, with the economy growing at the fastest rate in the past two years. Market concerns about subsequent interest rate hikes grew, and risk aversion increased.
Last evening, the most active SHFE 2312 zinc contract prices opened at 20990 yuan/mt and closed at 20945 yuan/mt, down 160 yuan/mt or 0.76%. Trading volume stood at 59,000 lots, and open interest gained by 581 lots to 82,000 lots. US GDP data shows that the economy is quite resilient, and the Federal Reserve may keep interest rates at restrictive levels for longer than expected. The domestic market was affected by macro sentiment and followed the LME market down.
