SHANGHAI, Apr 24 (SMM) – Last Friday, data showed that US business activity expanded beyond expectations in April, with the composite PMI hitting a near one-year high. The purchase prices and ex-factory prices also refreshed five- and seven-month highs respectively, pushing up inflation risks. US regulators proposed to strengthen regulation of non-bank financial institutions with plans to overturn Trump-administration policies. It is reported that the Federal Reserve was considering fixing regulatory loopholes that induced the bankruptcy of Silicon Valley. People's Bank of China injected a net liquidity of 178 billion yuan so far this year in a targeted manner, and the central bank has kept the interest rate unchanged for the eighth consecutive month.
Last Friday night, LME zinc closed at $2,718/mt, down $51.5/mt or 1.86%. The LME zinc inventory added 4,425 mt to 53,500 mt.
The most-traded SHFE zinc 2306 contract first surged and then slumped before finishing at 21,815 yuan/mt, down 65 yuan/mt or 0.3%.
Global consumption showed no clear signs of improvement, so zinc prices at home and abroad both weakened.
