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| LME Zinc Posted Seven-Day Losing Streak |
| 2023-4-12 |
On the news front, International Monetary Fund said that global economy may slide into a recession if financial turmoil worsens; US Treasury Secretary Yellen remained vigilant on the downside risks to the global economy due to the Ukraine war and the banking pressure; Goolsbee, president of the Federal Reserve Bank of Chicag, took a cautious stance on rate hikes while claiming that a pullback in lending could help reduce policy introduction.
LME zinc opened at $2,787/mt at last night¡¯s session, hitting a high of $2,806.5/mt and a low of $2,765/mt, and closed at $2,771/mt, down $33/mt or 1.18%. Trading volume was reduced to 6,842 lots, and open interest increased by 417 lots to 178,000 lots. LME zinc inventory decreased by 200 mt or 0.45% to 44,700 mt. LME zinc prices continued to weaken last night, and a pullback in the spot premiums in Europe also signalled a recession in overseas consumption. Eyes should be put on the CPI due today.
Overnight, the most-traded SHFE 2305 zinc contract opened lower at 21,990 yuan/mt and closed at 21,960 yuan/mt, down 75 yuan/mt or 0.34%. Trading volume was down to 48,265 lots, and open interest gained 1,811 lots to 107,000 lots. As SHFE zinc prices fell below 22,000 yuan/mt, the market sentiment was weak, accompanied with low operating rates of downstream enterprises. The social inventory also saw a slowdown in decline. |
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2024-5-16
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Item |
SHFE |
Change |
Cu |
290376 |
+2036 |
Al |
211698 |
-10887 |
Zn |
131178 |
+2536 |
Item |
LME |
Change |
Cu |
104425 |
-200 |
Al |
1093275 |
+59825 |
Zn |
259675 |
+8800 |
Ni |
81630 |
+636 |
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2023-5-15 |
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1 USD= |
6.7021 |
Inverse: |
0.14921 |
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1 EUR= |
7.8800 |
Inverse: |
0.12690 |
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1 GBP= |
8.6373 |
Inverse: |
0.11578 |
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1 AUD= |
5.2589 |
Inverse: |
0.19015 |
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