SunSirs: The Zinc Market Rose Sharply after the Festival
October 12 2022 08:59:48 SunSirs (John)
Price trend
According to the data monitoring of SunSirs, as of October 11, the average market price of zinc ingots in East China was 25,736 RMB/ton, up 2.53% from the price of 25,100 RMB/ton on October 10, and up 4.15% from the price of 24,710 RMB/ton on September 30 before the festival. After the festival, the zinc price rose continuously, and the zinc market rose sharply.
Analysis review
Since late September, some zinc smelting enterprises in Yunnan have limited power and controlled production, and zinc smelting output is expected to decline. During the National Day, the increase of interest rates in the United States caused macroeconomic fluctuations, and the expected growth of zinc demand was insufficient; The European energy crisis continued to ferment, and the zinc smelting output was expected to decline. LME discussed banning the acceptance of Russian metals. In general, the supply of zinc is expected to decline significantly, while the demand is still sluggish.
Market outlook
Recently, the zinc market continued to be weak in both supply and demand, with limited support for zinc price rise. In the future, the demand of domestic zinc market is expected to recover in the long run due to the expectation of the twenty major policies, and the silver market in October and the implementation of the real estate policy. In the future, the zinc price fluctuated and consolidated in the short term, and the rise of zinc price in the long term was well supported.
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