SHANGHAI, Jul 4 (SMM) –Zinc and lead prices made gains overnight
Zinc: Overnight, LME zinc price declined. The manufacturing PMI in the euro zone in June was finally recorded at 43.4, falling short of previous expectations. Under this circumstance, the market sentiment appeared bearish.
Overnight, SHFE zinc market closed with a gain. At present, with a greater impact of the macro news, SHFE zinc price tracked swings of LME zinc price, and dipped. However, zinc price basically hovered around 19,500-20,500 yuan/mt, and may continue to fluctuate in a short run with absent great change in fundamentals.
Lead: LME lead opened at $2,088/mt overnight, and dipped to $2,079/mt from a high of $2,100/mt, but finally inched higher to $2,095/mt, up 0.34%.
The most-traded SHFE 2308 lead contract was closed at 15,485 yuan/mt overnight, and plummeted to 15,470 yuan/mt after hiking to 15,650 yuan/mt, but finally closed up 45 yuan/mt, or 0.29%, at 15,550 yuan/mt.
On the macro front, bolstered by pick-up of traders’ sentiment on the first trading day in the second half of 2023, the market pinned its hopes on stronger stimulus expectations, and most non-ferrous metal prices rose.
[Disclaimer: The above representation and data is based on market information SMM believes to be reliable at the time of acquiring as well as the comprehensive assessment by SMM research team, and any and all information provided in this article is for reference only. This article does not constitute a direct recommendation for investment or any decisions in any form and clients shall act on their own discreet and any decisions made by clients are not within the responsibility of SMM.]
