SHANGHAI, Mar 1 (SMM) - On the news front, the CPC Central Committee held a democratic consultative meeting, with President Xi Jinping presiding and delivering an important speech. China’s State-owned Assets Supervision & Administration Commission (SASAC) stressed on the efforts to promote smooth listings of state-owned enterprises. Chicago Fed President Goolsbee said in his first public speech after taking office that it was dangerous and wrong for policymakers to rely too much on market response. The unchangeable economic readings might prevent people from seeing what is actually happening in the real economy. In his opinion, in addition to traditional economic data, the US Fed should pay more attention to details in the real economy.
LME zinc rose in overnight trading and closed at $3,034.5/mt, up 1.12% or $33.5/mt. LME zinc inventory was unchanged at 33,350 mt.
The most active SHFE zinc contract opened higher overnight and tumbled afterwards before rallying and settling at 23,190 yuan/mt. In China, the macro factors were basically digested, and the zinc prices will be mainly subject to fundamentals. The consumption shows a great potential to improve, and the supply is stable.
