SMM Weekly Review of LME Zinc Prices

SHANGHAI, Mar 31 (SMM) - The market's panic about the banking crisis eased this week. The initial value of the US March Markit manufacturing PMI recorded 49.3, higher than market expectations, putting a certain pressure on LME zinc prices. WTI crude oil soared by more than 5% amid the export problem of the Turkish port, and LME zinc prices thus continued apace. Meanwhile, the market's panic about the banking meltdown gradually eased. The US dollar index trended lower, and LME zinc prices rose accordingly. Afterward, LME zinc prices climbed on the Turkish crude oil supply problem. However, the European Central Bank's continuous release of hawkish remarks put pressure on the prices, and the rebound of the US dollar index also suppressed zinc prices. The prices, on the other hand, gained support from the improved market sentiment. As a result, LME zinc prices rose slowly amid the long-short game.