SHANGHAI, Apr. 24 (SMM) – LME zinc prices overnight opened at USD 1,880.3/mt. HSBC’s April PMI for China was only 50.5, showing the path to recovery of China’s manufacturing is still marked with twist and turns, which depressed market sentiment. LME zinc prices touched USD 1,889/mt initially, but then fell back immediately, dipping to as low as USD 1,860/mt. During European and US trading hours, the PMI from euro zone countries was generally pessimistic, especially Germany. Nevertheless, US March new home sales improved slightly. The mixed economic data failed to give any direction to the market. LME zinc prices once rebounded but fell back at the end of the trading, with prices finally closing at USD 1,873/mt, down USD 7.3/mt. LME zinc inventories fell by 6,175 mt, to 1,098,600 mt.
LME zinc prices are expected to move between USD 1,860-1,890/mt today, and SHFE 1307 zinc contract prices should fluctuate between RMB 14,450-14,650/mt, with spot discounts between RMB 60-90/mt.