The Group of Twenty (G20) held a meeting in India on Saturday. Due to opposition from some oil-producing countries, the meeting failed to reach a consensus on gradually reducing the use of fossil fuels. The People's Bank of China said on Sunday that the first meeting of central bank governors of China, Japan and South Korea in four years was held in Yokohama, Japan on Sunday. Russia's central bank raised its benchmark interest rate by 100 basis points to 8.5% on Friday, as a weak ruble heightened inflation risks from a tight labor market and strong consumer demand.
Last Friday evening, LME zinc closed up $6.5/mt or 0.27% at $2,382.5/mt. The trading volume was 5,903 lots, and open interest added 6,552 lots to 196,000 lots. Overseas demand is weak, resulting in more than 20,000 mt of delivery to LME warehouses, and inventories have risen to a high level in more than a year.
Last Friday evening, the most-active SHFE 2308 zinc contract opened at 20,120 yuan/mt and closed at 20,055 yuan/mt, down 95 yuan/mt or 0.47%. Trading volume stood at 71,000 lots, and open interest decreased by 1,939 lots to 112,000 lots. In June, zinc concentrate imports exceeded expectations and stood at 390,600 mt, an increase of 46,600 mt from the previous month.