SHANGHAI, Apr. 30 (SMM) – LME zinc prices opened at USD 2,340/mt and rose to USD 2,350/mt at one point on improving market sentiment and growing LME zinc backwardation, to end at USD 2,348/mt, up RMB 7/mt.
China’s official manufacturing PMI for April remained flat with March’s reading, but expectation for pro-growth measures increased after remarks of Chinese officials.
SHFE trading was suspended last Friday for the May Day holiday, and SHFE zinc prices are expected to test RMB 17,300/mt on Monday.
Spot zinc may be offered at discounts of RMB 130-110/mt to SHFE 1507 zinc contract prices with both buyers and sellers remaining cautious.