SHANGHAI, Jun. 4 (SMM) – LME zinc prices opened at USD 1,884.8/mt last Friday during Asian trading hours and inched down later in the day as China's PMI in May was 50.4, lower than 52 expected. As Germany's and eurozone PMI was both lower than expected, LME zinc prices failed to rebound. US non-farm employment data was much lower than expected, so LME zinc prices plummeted to USD 1,856.3/mt, and then touched USD 1,894/mt due to support at low levels, with prices finally closing at USD 1,887.3/mt, up USD 6.3/mt.
LME market is closed today, and SHFE three-month zinc contract prices should track the Shanghai Composite Index and move between RMB 14,700-14,800/mt today, with spot discounts between RMB 50-100/mt.