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Home / Metal News / SHFE Zinc to Meet Resistance to Lurch Higher (2017-8-24)

SHFE Zinc to Meet Resistance to Lurch Higher (2017-8-24)

Aug 24, 2017 10:04

LME zinc market has slid below the 5-day moving average, and investors are advised to take cautious attitude due to US economy uncertainties and the upcoming global central bank annual meeting.

SHANGHAI, Aug. 24 (SMM) – LME zinc market has slid below the 5-day moving average, and investors are advised to take cautious attitude due to US economy uncertainties and the upcoming global central bank annual meeting.

On Thursday, LME zinc is expected to trade between USD 3,075-3,125/mt. Eyes should be on US initial jobless claims. On the SHFE market, the 1710 zinc contract, which has already lost ground at the 5-day moving average, will meet bigger resistance to move higher, and this, coupled with market caution, will leave price in the range of RMB 25,710-26,160/mt.

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

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