There was strong demand in London Metal Exchange zinc during the Asia trading hours on Friday July 31, causing the three-month price to rise by 1.3%, while an easing of LME tin's forward curve prompted similar buying momentum over the morning.
Zinc's outright price on the LME was recently at $2,320 per tonne, breaking through nearby resistance and improving from Thursday's closing price of $2,286.50 per tonne, while turnover was strong over the morning at more than 3,300 lots exchanged as of 9:55am London time. Strong manufacturing purchasing managers' index (PMI) data from China this morning was the key tailwind to buying. China's manufacturing PMI for July came in at 51.1, and non-manufacturing was higher at 54.2, both comfortably in expansion territory. "This morning's data from the Chinese National Bureau of Statistics; Manufacturing PMI July actual 51.1, previous 50.9, forecast 51. Non-manufacturing PMI July 54.2,...