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SunSirs: During the Spring Festival, London's Zinc Reserves Accumulated, and Zinc Prices Fluctuated and Fell Slightly

February 20 2024 10:14:25     SunSirs (John)

After the holiday, zinc prices fluctuated and fell slightly

According to the Commodity Market Analysis System of SunSirs, as of February 19th, the zinc price was 20,268 RMB/ton, a decrease of 1.35% compared to the zinc price of 20,546 RMB/ton on February 9th before the holiday; Compared to the price of 20,908 RMB/ton on February 1st, the price of zinc decreased by 3.06%. During the Spring Festival, zinc ingot inventories accumulated, and the demand for zinc remained weak, causing zinc prices to fluctuate and fall.

London LME zinc ingot inventory increased

During the Spring Festival, the LME zinc ingot inventory in the London futures market continued to accumulate. As of February 16, the LME zinc ingot inventory was 264,825 tons, an increase from the inventory of 227,225 tons on February 9 before the holiday. During the Spring Festival, overseas demand was weak, and the zinc ingot inventory in the London futures market increased.

Demand remained weak

After the Spring Festival holiday, downstream enterprises slowly resumed work, but some downstream customers still had holidays and had not resumed work. In addition, customers were stocking up before the holiday, and zinc ingot inventory was high. The demand for zinc ingot replenishment after the holiday was poor, and the demand for zinc in the market remained weak.

Market outlook

According to data analysts from SunSirs, the high inventory of zinc ingots had accumulated, coupled with the weak demand in the zinc market after the holiday, the support for the rise in zinc prices was insufficient. In the future, there is sufficient supply of zinc in the market, and with the low season of the zinc market remaining, it is expected that zinc prices will fluctuate and fall at a low level.

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