SHANGHAI, Feb 10 (SMM) - On the news front, the People's Bank of China issued the "No. 1 Order" in 2023, a clear guidance for transactions between financial holding companies. The US Treasury Secretary Yellen said that she still hoped to visit China while stressing the importance to strengthen communication with China. The Russian Direct Investment Fund (RDIF) claimed to sell all euro assets and will only hold assets dominated in RMB, rubles, and gold. German’s CPI in January increased by 8.7% year-on-year, and its inflation unexpectedly fell to the lowest point in five months. The Pan-European BIG bond index hit a ten-month high, and the FTSE 100 index also hit a record high. The European bond yields that have been rising for four consecutive days pulled back.
Yesterday, LME zinc mainly moved sideways and closed at $3,147.5/mt, up $10/mt or 0.32%. LME zinc inventory added by 1,950 mt to 21,375 mt.
Overnight, SHFE zinc showed great momentum after opening, but pared some of the gains afterwards before finishing at 23,365 yuan/mt, up 85 yuan/mt or 0.37%. The market's macro sentiment was relatively strong, but zinc prices still remained rangebound as overseas supply pressure mounted.
