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LME Zinc to Stabilize Next Week, SMM Says
Apr 1, 2016 15:52Source:SMM
LME zinc is expected to stabilize between $1,780-1,850 per tonne next week, says SMM, citing positive economic indicators from China and upcoming Fed’s policy meeting decision.
SHANGHAI, Apr. 1 (SMM) – LME zinc is expected to stabilize between $1,780-1,850 per tonne next week, says SMM, citing positive economic indicators from China and upcoming Fed’s policy meeting decision.
Should Eurozone February PPI and CPI, slated for release next week, improve, the euro will gain ground. This will lend support to base metals.
June zinc on the SHFE will move between 14,100-14,600 yuan per tonne. Continuously falling inventories in Shanghai, Guangdong and Tianjin and maintenance at large zinc smelters, should support zinc.
Spot zinc in China will trade 50 yuan per tonne below May delivery zinc on the SHFE. Smelters will continue to hold back goods. When combined with maintenance at an increasing number of zinc smelters, arriving shipments will decline. Meanwhile, downstream purchases will improve, helping reduce zinc inventories.
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