Zinc Prices Dip Slightly Amid Market Fluctuations
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Zinc prices experienced slight declines across major markets last Friday, with LME closing at $3,075/ton, SHFE at 24,985 yuan/ton, and MCX at Rs 280.90/kg. Trading volumes decreased, but open interest rose in both LME and SHFE. Despite that, experts predict a bullish trend for MCX Zinc today.
Zinc Prices
- LME: As of last Friday, LME zinc opened at $3,090/ton, hitting a high of $3,111/ton, and low of $3,067/ton, finally closed down at $3,075/ton, a decrease of $19/ton, or 0.61%. Today, LME Zinc trading commenced at $3,106.5/ton.
- SHFE: As of last Friday, the most-traded SHFE zinc 2411 contract opened at 24,910 yuan/ton, hitting a high of 25,115 yuan/ton, finally closing down at 24,985 yuan/ton, a decrease of 5 yuan/ton, or 0.02%. Today, SHFE Zinc trading commenced at 25,120 yuan/ton.
- MCX: As of last Friday, zinc prices opened at Rs 283/kg, reached the highest level of Rs 283.55/kg, the lowest level at Rs 279.90/kg and finally closed down at Rs 280.90/kg, a decrease of 1.60 or 0.57%. Today, MCX Zinc trading commenced at Rs 282.25/kg.
Zinc Supply & Demand
- LME Opening Stock - 253250 | Live Warrants - 231875 | Cancelled Warrants - 21375
- LME: Trading volume decreased to 12,027 lots, and open interest increased by 7,525 lots to 248,000 lots. Last Friday, LME zinc recorded a bearish candlestick. LME inventory decreased by 1,800 ton to 253,250 ton, a drop of 0.71%.
- SHFE: Trading volume decreased to 79,747 lots, and open interest increased by 363 lots to 117,000 lots. Last Friday, SHFE zinc recorded a bullish candlestick. On the macro front, a series of favorable domestic policies still supported SHFE zinc, but actual consumption effects needed time to transmit. SHFE zinc faces upward pressure, and it is expected to fluctuate today.
Zinc News
- Due to the US core PCE MoM rate in August hitting its lowest since May, market sentiment weakened, and capital took profits and exited, causing LME zinc to shift downward. LME zinc is expected to fluctuate today.
- London copper and zinc prices hit their highest in around four months on Monday on demand prospects after a series of stimulus measures from top metals consumer China.
Expert Opinion
- In experts’ opinion, the MCX Zinc market is expected to show a bullish trend today. Zinc finds support at Rs 280, and a break below could lead to a test of Rs 273.25. On the upside, resistance is seen at Rs 284.50, and a move above that level could push prices towards Rs 288.
Daily Market Report
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