Overnight, the Federal Reserve announced that it would raise the policy rate target range by 25 basis points to 5.25%-5.50%. Fed Chairman Powell said that the economy still needs to slow down and the labor market needs to be weak before the inflation rate can "credibly" return to the Fed's 2% goal. Chinese Foreign Minister Wang Yi expressed willingness to strengthen strategic cooperation with Turkey. U.S. Treasury Department officials said they would take "targeted" actions against China, but emphasized that it was not decoupling. New U.S. single-family home sales slipped in June after three straight months of gains, but the trend remained strong as a severe shortage of existing homes underpinned demand.
Overnight, LME zinc closed at $2,470/mt, down $23/mt or 0.92%. The trading volume was 8,036 lots, and open interest added 45 lots to 200,000 lots. U.S. home sales data continued to testify to the resilience of the economy. The Federal Reserve announced that it would raise interest rates and leave room for further interest rate hikes in the future. The price of non-ferrous metals rose sharply, and the range of decline of non-ferrous metals was also narrow.
Overnight, the most active SHFE 2309 zinc contract close at 20,625 yuan/mt, up 65 yuan/mt or 0.32%. Trading volume stood at 65,000 lots, and open interest gained by 657 lots to 130,000 lots. Prices may fall on weak consumption and ample supply.
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