The suspension of economic agenda of Joe Biden drag down US stocks at the beginning of last week and the interest rate hikes in many overseas countries triggered the market worries about the economic downturn. Under this background, the bulls took profit and left the market.
LME zinc fell to $3,283/mt in the first half of last week as the continuous deliveries in Asia led to increasing LME inventory and bearish sentiment pervaded on the announcement of bond-buying tampering by the Fed.
Focuses this week should include: Industrial/Economic Climate Index, CPI monthly rate and the readings of Manufacturing PMI in Eurozone in November, US ADP payrolls and US unemployment rate in November; China official manufacturing PMI, China Caixin Manufacturing PMI in November. In terms of events, the Fed Governor Bowman will deliver a speech on the central bank and the US economy this Tuesday. European Central Bank President Lagarde will participate in a round table meeting in Turin. The Fed will publish a Beige Book on economic conditions this Thursday.