SHFE Zinc to Remain Range-Bound (2017-5-31)

Published: May 31, 2017 09:48

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China’s official manufacturing PMI in May and US April pending home sales will be released today.

SHANGHAI, May 31 (SMM) – China’s official manufacturing PMI in May and US April pending home sales will be released today. LME zinc met resistance from the 5-day moving average during the Chinese Dragon Boat Festival and will move between USD 2,620-2,650/mt today. SHFE 1707 zinc will fluctuate between RMB 22,000-22,400/mt, with spot prices RMB 350-500/mt above SHFE 1707 zinc. Price gains for SHFE zinc will be restricted by LME zinc. Besides, China’s official manufacturing PMI in May may fall short of market expectations, giving little support to SHFE zinc.

LME Zinc prices SHFE zinc prices zinc prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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