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SunSirs: Market Sentiment Was Low, and Zinc Prices Fell in Shock This Week
March 17 2023 09:25:44SunSirs(John)

Zinc prices fluctuated and fell this week

According to data monitoring by SunSirs, as of March 16, the zinc price was 22,438 RMB/ton, a decrease of 3.37% compared to the zinc price of 23,220 RMB/ton on March 9. The spread of the banking crisis in Europe and the United States had dampened market sentiment, and zinc prices fell in shock this week.

Analysis review

Several banks in the United States had failed

Two days after the collapse of the Silicon Valley bank, the American Signature Bank in New York State was also closed by regulatory authorities, after another cryptocurrency bank, Silvergate Capital, announced that it would cease operations as early as March 8. Within a week, three American banks failed in succession! Most European and American stock markets collapsed, the banking crisis spread, and market sentiment was dampened. Commodity prices generally fell, while zinc prices followed suit.

Credit Suisse Crisis Triggered

Credit Suisse disclosed in its latest financial report that it had found "significant defects" in its internal control, while its largest shareholder, Saudi National Bank, said that due to regulatory restrictions, it was unable to provide more financial support. The news "ignited" European and American stock markets. Most European and American stock indexes collapsed, and safe haven assets such as gold, treasury bond bonds and the US dollar rose in succession. Market concerns about the future economic downturn have intensified, with commodity prices generally falling, London's zinc overnight market plummeting, and domestic zinc prices falling even further.

Market outlook

According to the data analysts of SunSirs, the banking crisis spread, the market sentiment was depressed, most of the stock markets in Europe and the United States collapsed, and the yield of treasury bond plummeted, increasing the risk of financial crisis and worries about the future economic downturn. The market sentiment in the zinc market was depressed, and concerns about insufficient future demand had intensified. It is expected that the zinc price will fluctuate and fall in the future.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com

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