SHANGHAI, Jul. 3 (SMM) - LME zinc prices are expected to find solid support from $ 2,000 per tonne next week, SMM zinc analyst foresees, expecting prices to move between $ 2,000-2,060 per tonne.
"Contango on LME zinc narrowed to $ 2-5 per tonne this past week, and improving market sentiment will also help LME zinc price stabilize”, SMM zinc analyst explains.
Investors should also keep a close watch on the Fed’s interest rate decision and Greek referendum result next week.
In China, SHEF 1509 zinc contract prices will fluctuate between 15,200-15,700 yuan per tonne next week.
Tumbling zinc prices have left smelters reluctant to sell. Zinc concentrate shortages in South China will also constrain production. When combined with maintenance at some smelters during July-August, zinc price will find some support. But any upward room for zinc prices is little.
Spot discounts over SHEF zinc contracts for September delivery should expand to 0-50 yuan per tonne on ample supply and soft demand.
"Sufficient supply from inflows of imported zinc and cargo holders, combined with the onset of the off-season will allow spot discounts to widen”, SMM zinc analyst says.
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