SHANGHAI, Apr 13 (SMM) - According to the Fed's meeting minutes, a few officials were considering pausing rate hikes before the impact of bank failures was further assessed. The US CPI in March rose slightly, but the overheated core CPI may point to further rate hikes in May. China’s exports and imports in March are expected to drop 7% and 5% respectively.
LME zinc opened at $2,771.5/mt at last night’s session, hitting a low of $2,734.5/mt and a high of $2,796/mt, and closed at $2,793/mt, up $6.5/mt or 0.23%. Trading volume was reduced to 5,843 lots, and open interest lost 1,936 lots to 176,000 lots. LME zinc inventory decreased by 25 mt or 0.06% to 44,675 mt. The US CPI released last night was lower than expected, but the core CPI remained resilient, leading to a weaker dollar and rallying LME zinc prices.
Overnight, the most-traded SHFE 2305 zinc contract opened at 21,980 yuan/mt and closed at 22,065 yuan/mt, up 80 yuan/mt or 0.36%. Trading volume was down to 45,330 lots, and open interest shed 1,267 lots to 107,000 lots. SHFE zinc prices rose slightly trailing the growing LME zinc prices. However, its momentum will be insufficient amid slack downstream demand.
