SMM Zinc Price Forecast (Oct.29- Nov.2)

SHANGHAI, Oct. 29 (SMM) – Both the US general election and China's 18th Party Congress in early November will affect global markets. US non-farm employment data will be released on Friday, with markets cautiously optimistic. However, the US dollar index has remained at 80 and is expected to rise further, which will weigh down LME zinc prices. LME zinc inventories also surged to 1.14 million mt, which is also dampening upward price momentum and will keep LME zinc prices between USD 1,830-1,870/mt. SHFE three-month zinc contract prices should fluctuate between RMB 14,700-15,000/mt, with spot supply sufficient and with spot discounts growing to RMB 120-160/mt.