Overnight, LME zinc opened at US$2423.5/ton and touched a high of US$2442/ton. Prices hit a low of 2403.5/mt, and finally closed up at 2406/mt, down 15.5/mt, or 0.64%. The trading volume decreased by 1441 lots to 9494 lots, and the open interest decreased by 3188 lots to 199,000 lots. LME zinc inventory fell by 100 tons to 218,600 tons, a decrease of 0.05%. The final GDP value of the Eurozone in the third quarter was lower than expected and recorded 0%. The number of initial jobless claims in the United States for the week was lower than expected and recorded 220,000. The U.S. dollar index rebounded.
The most active SHFE 2401 zinc contract prices opened at 20625 yuan/mt and lost 40 yuan/mt or 0.19% to settle at 20525 yuan/mt in overnight trading, with the high-end of 20645 yuan/mt and the low-end of 20505 yuan/mt. Trading volumes decreased 48049 to 41975 lots and open interest grew 1200 lots to 87,800 lots. Customs data fell short of expectations. The total import and export value was US$5.41 trillion, a decrease of 5.6%, and the trade surplus narrowed.
SMM zinc morning comment
- Dec 08, 2023, at 9:59 am
Overnight, LME zinc opened at US$2423.5/ton and touched a high of US$2442/ton. Prices hit a low of 2403.5/mt, and finally closed up at 2406/mt, down 15.5/mt, or 0.64%. The trading volume decreased by 1441 lots to 9494 lots, and the open interest decreased by 3188 lots to 199,000 lots. LME zinc inventory fell by 100 tons to 218,600 tons, a decrease of 0.05%. The final GDP value of the Eurozone in the third quarter was lower than expected and recorded 0%. The number of initial jobless claims in the United States for the week was lower than expected and recorded 220,000. The U.S. dollar index rebounded.
