SHANGHAI, May 26 (SMM) - LME zinc moved downwards after opening at $2,295/mt on Thursday, closing at $2,257.5/mt, down $37.5/mt or 1.63%.
SHANGHAI, May 26 (SMM) - LME zinc moved downwards after opening at $2,295/mt on Thursday, closing at $2,257.5/mt, down $37.5/mt or 1.63%. Trading volume added 4,896 lots to 14,242 lots, and open interest rose 3,476 lots to 191,000 lots. LME zinc inventory rose 18,050 mt to 63,450 mt. Concerns over US debt ceiling issue and growing inventories weighed down LME zinc prices.
Overnight, the most-traded SHFE 2307 zinc contract opened at 18,870 yuan/mt. The contract fell at first and then rallied before closing at 18,940 yuan/mt, down 215 yuan/mt or 1.12%. Trading volume fell 464 lots to 222,000 lots, and open interest rose 2,894 lots to 150,000 lots. Strengthening US dollar and weaker-than-expected recovery of domestic economy will pose resistance to SHFE zinc prices.
More popular news
Goldman Sachs Cuts Copper Price Forecast Amid Slowing Western Manufacturing, But Bank Of America Bets On Higher Copper Prices, Citing A Surge In Demand From China
Key April Chinese Economic Data Are Released, Including Real Estate Investment, Industrial Added Value and Consumer Goods Retail Sales
Sunwoda's "Flash Charge Battery" Can Power Electric Cars 1,000 Kilometres on A Single Charge
China To Actively Expand Domestic Effective Demand And Boost New Energy Vehicle Sales, National Development And Reform Commission Says
Goldman Sachs, Barclays warn: Fed will not cut interest rates this year
EIA Cuts Brent and WTI Oil Price Forecasts for 2023 as Recession Fears, Inflation and Banking Crisis Overshadow OPEC's Production Cuts
China's National Bureau of Statistics says there is still room for improvement in residents' purchasing power and willingness to spend
UN and IMF Raise Forecasts for China GDP, Regulators Promise Measures to Boost Growth
Asian Buyers Snap up Cheaper Russian Oil, Putting Oil-Producing Countries in the Middle East and West Africa under Huge Pressure
SMM Comment: SHFE and LME Base Metals Mostly Fall, Oil Rise on Supply Jitters after Saudi Arabia Energy Minister Warns He Would Make Short Sellers Suffer, Dollar Falls on US Debt Ceiling Issue
Don't Be Misguided by Soaring China Lithium Carbonate Imports in April on YoY Basis, Import Volumes and Prices both Crashed from March
Chinese Lithium Carbonate Smelters Have Smaller Appetite for Overseas Spodumene Concentrate, April Customs Data Shows
Lithium Carbonate Price Rally Was Not Driven By Robust Demand Recovery
Dollar, Oil, Gold, Base Metals, Ferrous Metals All Go Down, EIA Cuts Oil Price Forecast
SMM Morning Comments (May 23): Base Metals Closed Mostly with Losses on US Macro Headwinds
Balance of M2, M1 and M0 All Rise at the End of April, China’s Central Bank Says
India to become Europe’s top supplier of refined oil products after massive purchases of Russian oil
Goldman Sachs: China will be the only major economy with positive growth this year, bullish bets on new energy vehicles and biotechnology in the long run
CITI Research Lowers Price Forecast for Nickel, Aluminium and Zinc in 2023-2024 But Bets on Higher Copper Prices
