Shanghai Zinc Hits Upside Limit, LME Rallies

SINGAPORE, Feb. 3 -- Shanghai zinc futures jumped by their 5 percent daily limit on Wednesday, boosted by gains in London and strength in other metals as confidence re-builds after last week's heavy selling.

Benchmark third-month Shanghai zinc SZNc3 rose 865 yuan from Tuesday's settlement to 18,185 yuan a tonne after the market re-opened for the afternoon session, while London Metal Exchange zinc CMZN3 rose 1.4 percent to $2,189.75.

Investors shrugged off the restart of zinc concentrate production at the Century mine in Australia after a storm last week, to instead focus of a string of positive data coming from the United States, most recently pending home sales on Tuesday.