SMM

Last Friday, LME zinc opened at $2546/mt and closed up $17/mt or 0.67% at $2560/mt. The trading volume was 5702 lots, and open interest added 214 lots to 204,000 lots. Overseas large players once again delivered huge quantities of more than 68,000 mt, and LME inventories increased to more than 210,000 mt, reaching the highest level in the past two years. LME 0-3 contango expanded to 8.1, dampening market optimism and grew bearishness.