SunSirs: Zinc Market Rose on August 17
August 18 2022 11:06:28 SunSirs (John)
Price trend
According to the data monitoring of SunSirs, the zinc price rose on August 17, and the zinc market recovered. The zinc price on August 17 was 25,712 RMB/ton, an increase of 2.21% from the previous trading day's zinc price of 25,156 RMB/ton; on August 17, the zinc price rose sharply; compared with 2021, zinc prices rose 11.52% year-on-year.
Analysis review
Europe's hot summers have led to higher-than-normal gas demand and the European energy crisis has intensified. European energy prices soar as Russia cuts European gas supplies. European zinc smelters have cut production and shutdowns have increased, and European supply has decreased. The domestic zinc market is in sufficient supply, and the zinc ingot inventories in the Shanghai futures market have increased significantly, increasing the downward pressure on zinc inventories.
"Golden September and Silver October" is approaching, the domestic infrastructure projects have started to increase, the supply and demand of the domestic zinc market has recovered, and the supply and demand of the zinc market has not yet recovered to the expected level. The downward pressure on the zinc market still exists, and the upward momentum is large.
Market outlook
Both supply and demand in the zinc market are weak. In general, the international zinc market is in short supply, and the domestic zinc market has sufficient supply and insufficient demand. In the future, the upward momentum of zinc prices still exists, but there is insufficient room for growth. In the short term, the price of zinc mainly rises slightly, and in the long term, the price of zinc will fluctuates and stabilizes.
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