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SHFE zinc up 1.6% on dollar weakness, supply concerns

Zinc outperformed the rest of the base metals traded on the Shanghai Futures Exchange during morning trading on Tuesday March 26, with a weaker dollar and upcoming trade talks between the United States and China buoying market sentiment.

The most-traded May zinc contract stood at 22,035 yuan ($3,282) per tonne as at 9.55am Shanghai time, up by 1.6% or 340 yuan per tonne from a close of 21,695 yuan per tonne on Monday.

“Investors largely shrugged off concerns about weaker economic growth, and a weaker USD helped boost sentiment in commodity markets,” Cherelle Murphy, analyst at Australia and New Zealand Banking Group (ANZ), said in a morning note on Tuesday.

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