SHANGHAI, May 23 (SMM) - LME zinc went down after opening at $2,476.5/mt on Monday, closing at $2,425.5/mt, down $51/mt or 2.06%. Trading volume added 8,013 lots to 1,682 lots, and open interest rose 423 lots to 183,000 lots. LME zinc inventory decreased by 700 mt to 46,275 mt, a drop of 1.19%. The US index hovered at a two-month high, sending LME zinc down.
Overnight, the most-traded SHFE 2307 zinc contract opened at 20,265 yuan/mt. The contract rose at first and then fell back before closing at 20,170 yuan/mt, down 2,155 yuan/mt or 1.05%. Trading volume fell 35,622 lots to 67,485 lots, and open interest rose 3,138 lots to 123,000 lots. SHFE zinc met resistance at the 5-day moving average. Downstream consumption is not strong.
