Last Friday evening, LME zinc prices opened at $2531/mt and went up to close at $2544/mt, up $5/mt or 0.2%. Trading volume decreased to 7391, and open interest decreased 2143 lots to 202,000 lots. Last week, LME inventories decreased by 1,725 tons to 221,775 tons, a decrease of 0.78%. The U.S. non-farm employment population data was released last Friday night. Subsequently, LME zinc rose before falling, and met resistance.
The most active SHFE 2402 zinc contract prices opened at 21200 yuan/mt and closed at 21300 yuan/mt last Friday evening, up 90 yuan/mt or 0.42%. The trading volume was down to 38750 lots, and open interest decreased 1032 lots to 74024 lots. Some domestic smelters experienced production cuts in January, putting pressure on the supply side. However, the import window is about to open, and subsequent imported zinc ingots are still flowing into the domestic market. This, combined with the off-season for consumption hampered rise in SHFE zinc prices.
Refined zinc supply to decrease, SHFE zinc prices met resistance [SMM Zinc Morning Comment]
- Jan 08, 2024, at 10:00 am
Last Friday evening, LME zinc prices opened at $2531/mt and went up to close at $2544/mt, up $5/mt or 0.2%. Trading volume decreased to 7391, and open interest decreased 2143 lots to 202,000 lots. Last week, LME inventories decreased by 1,725 tons to 221,775 tons, a decrease of 0.78%.
