Zinc stocks across LME-listed warehouses declined 9,325 mt to 226,900 mt last week. The contango of LME cash to 3-month contract rose to $14.5/mt. The market expects that the FOMC will not propose a gradual reduction in debt purchases in September due to sluggish US data and the spread of Delta virus. At the same time, the European Central Bank's speech is relatively optimistic, and the market holds a moderate outlook. LME zinc is expected to move between $3,030-3,110/mt.
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