SHANGHAI, Feb. 1 (SMM) -- Yesterday, LME zinc prices rebounded strongly to hit USD 2,155/mt in the afternoon during Asian trading hours. However, US economic data released last night showed that US consumer confidence index in January was much lower than market expectation, and US manufacturing PMI for January was also disappointing. As a result, LME zinc prices closed at USD 2,105/mt, down USD 6.3/mt.
Weak US economic data caused LME zinc prices to close down yesterday. Today, China will release the manufacturing PMI for January, and markets expect the PMI to remain below 50%. In this context, SMM expects SHFE three-month zinc contract prices to move between RMB 15,850-16,150/mt today, while spot discounts are expected to hover between RMB 300-400/mt.