LME Zinc to Remain Range-Bound (2017-7-31)

SHANGHAI, Jul. 31 (SMM) – Eurozone CPI and unemployment rate will be released today. The euro will receive a boost if data are positive, which will in turn weigh down the US dollar index and support base metals, and vice versa. LME zinc is expected to move between USD 2,760-2,810/mt today. SHFE 1709 zinc is expected to fluctuate between RMB 22,900-23,230/mt, with spot prices RMB 40/mt below or RMB 120/mt above SHFE 1708 zinc. The market is cautious toward China’s manufacturing PMI due for release today.