SHANGHAI, Jun. 10 (SMM) – LME zinc market lurched higher by 0.98% to $2,163 per tonne during the European trading hours. Will the rising momentum continue strongly in the zinc market?
“The zinc market is still pessimistic among weak market fundamentals, and concerns over global economic growth and Greek debt issues, lacking a strong rising strength,” an analyst from CITIC Futures told SMM in an interview.
The crude oil market increased sharply yesterday, but zinc price only made limited positive response.
Compared with LME zinc, price on the SHFE zinc now proves resistant to declines at current price mark, but also has no strong rising momentum, the analyst added.
According to SMM survey, utilization rate at major Chinese zinc smelters rose in May, and production survey at major zinc downstream producers is also under way.
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