BEIJING: Shanghai zinc fell more than 3 percent on Monday, the first trading session after a week-long national holiday, tracking a drop in London prices in the previous session.
London zinc fell 1 percent to $2,704 per tonne on Friday.
"Chinese zinc prices are expected to track London prices lower... Meanwhile, zinc could be even more volatile before demand from downstream users re-emerges in March," CITIC Futures analysts said in a note in Mandarin.
FUNDAMENTALS
* The most-traded zinc contract for March delivery on the Shanghai Futures Exchange fell as much as 3.2 percent, its sharpest intraday drop in 11 weeks, before settling down 3 percent at 21,605 yuan ($3,188.37) a tonne when the market closed for lunch at 0330 GMT.
* ZINC SPREAD: Cash zinc has moved from a premium to a discount against the three-month LME contract <MZN0-3> for the first time since September, suggesting shortages in nearby supply are easing.
* TRADE: U.S. negotiators are preparing to press China this week on longstanding demands that it reform how it treats American companies' intellectual property in order to seal a trade deal that could prevent tariffs from rising on Chinese imports.
* DOLLAR: The dollar stayed near a six-week high against a basket of currencies as fresh worries over U.S.-Sino trade tensions and global growth pushed investors towards the safety of the greenback.
* COPPER: Chilean state miner Codelco said on Saturday it hoped to soon restart operations at its northern Chuquicamata copper mine a day after heavy rains forced its suspension.
* IRONORE: China iron ore futures rose to a record on Monday, the first session after a week-long national holiday, on concerns that supply from Brazil, the country's second-largest ore supplier, may decline after a fatal dam accident at a Vale mine.
* COLUMN: Looking for answers from Dr Copper? He's confused as well: Andy Home
* For the top stories in metals and other news, click or
MARKETS NEWS
* Asian shares started the week on the backfoot as investors were unable to shake off worries about global growth, U.S. politics and the Sino-U.S. trade war, keeping the safe-haven dollar well bid near a six-week top against major currencies.
Comments
Comments are closed for this article.