SHANGHAI, Aug. 29 (SMM) – Gold prices rose above USD 1,320/mt yesterday due to tensions in North Korea. The euro hit highest in two and a half years after meeting in Jackson Hole. This, plus impact from tropical storm Harvey, sent the US dollar index down. US Conference Board’s consumer confidence index may fall, due to uncertainty over US Fed’s policy and Trump’s tax reform and infrastructure policy. Risk aversion will grow.
LME zinc should stabilize ay USD 3,070-3,110/mt. SHFE 1710 zinc should move at highs of RMB 25,550-26,000/mt. #0 zinc will trade at premiums of RMB 250-300/mt over SHFE 1709 zinc.