SHANGHAI, Oct. 23 (SMM) – Chinese Finance Minister Lou Jiwei acknowledged that the quality of China's economic growth is improving. The NDRC also released additional infrastructure construction projects, helping ease market concerns. US September core CPI topped market expectations, but the market gave little response. Supported by positive market fundamentals, LME zinc prices opened at USD 2,222/mt, then touched as high as USD 2,262/mt, and closed at USD 2,253/mt, up USD 34.5/mt or 1.56%. Trading volumes decreased 3,866 to 10,852 lots, and total positions were down 4,536 to 297,387 lots. LME zinc inventories fell 2,875 to 717,050 mt.
HSBC's October PMI for China scheduled for release today is expected to remain flat at 50.2. European PMIs are not promising, either. LME zinc prices will fluctuate between USD 2,235-2,265/mt today, and SHFE 1412 zinc contract prices will move between RMB 16,360-16,460/mt, with spot premiums between RMB 300-340/mt against SHFE 1412 zinc contract prices.