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SHFE zinc prices strengthen amid positive fundamentals

Zinc prices on the Shanghai Futures Exchange were up during morning trading on Thursday March 28, managing to shrug off strength in the US dollar due to metal’s positive fundamentals.

The most-traded May zinc contract was at 22,525 yuan ($3,350) per tonne at 10.27am Shanghai time, up by 1.4% or 315 yuan per tonne from the previous day’s close of 22,210 yuan per tonne.

The contract hit an intraday high of 22,615 yuan per tonne earlier this morning, a level last seen in June 2018.

Persistent declines in exchange inventories have kept zinc prices underpinned, while a robust demand outlook also provided support.

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