Zinc Prices Fall Across Major Markets, Supply Remains Tight
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Zinc prices experienced slight declines across LME, SHFE, and MCX markets. LME zinc dropped by $22/ton to $2,988.5/ton, SHFE fell by 55 yuan/ton to 24,410 yuan/ton, and MCX dropped Rs 0.95 to Rs 274.05/kg. Supply remains tight, with LME inventory down by 1,725 tons.
Zinc Prices:
- LME: As of yesterday, LME zinc opened at $3,009.5/ton, hitting a high of $3,040/ton, and low of $2,980/ton, closing down at $2,988.5/ton, a decrease of $22/ton, or 0.73%. Today, LME Zinc trading commenced at $2,992.5/ton.
- SHFE: As of yesterday, the most-traded SHFE zinc 2411 contract opened at 24,445 yuan/ton, hitting a high of 24,635 yuan/ton, low of 24,400 yuan/ton, closed down at 24,410 yuan/ton, a decrease of 55 yuan/ton, or 0.22%. Today, SHFE Zinc trading commenced at 24,710 yuan/ton.
- MCX: As of yesterday, zinc prices opened at Rs 275.90/kg, reached the highest level of Rs 277.20/kg, lowest level at Rs 273.10/kg and finally closed down at Rs 274.05/kg, a decrease of Rs 0.95 or 0.35%. Today, MCX Zinc trading commenced at Rs 273.85/kg.
Zinc Supply & Demand
- LME Opening Stock - 255225 | Live Warrants - 231450 | Cancelled Warrants - 23775
- LME: Trading volume increased to 107,000 lots, and open interest increased by 2,429 lots to 242,000 lots. Overnight, LME zinc recorded a long upper shadow bearish candlestick, with support from various moving averages below. LME social inventory decreased by 1,725 ton to 255,225 ton, a reduction of 0.67%.
- SHFE: Trading volume decreased to 84,487 lots, and open interest decreased by 932 lots to 112,000 lots. Overnight, SHFE zinc recorded a long upper shadow bearish candlestick, with the upper Bollinger Band forming resistance and various moving averages providing support below. Currently, the supply side remains tight, and the demand side has not shown significant improvement. However, entering the traditional peak season and the real estate favorable policies boosting long-term demand, SHFE zinc may fluctuate upward today.
Zinc News
- Global geopolitical tensions remain high as the conflict between Lebanon and Israel escalates. Meanwhile, the U.S. Congress passed a temporary funding bill to avoid a government shutdown. Given these developments, it is expected that LME zinc may maintain a fluctuating trend in the market today.
- The supply and demand for SHFE zinc remain weak, though the market is likely to see upward fluctuations.
- Korea Zinc to sell $301 mn in commercial papers (CPs) amid management feud with MBK. The smelter may use the proceeds to fight MBK’s takeover bid, as it has more cash equivalents than borrowings.
Expert Opinion
- In experts’ opinion, the MCX Zinc market is expected to show a bullish trend today. Zinc finds support at Rs 262.55, and a break below could lead to a test of Rs 260.50. On the upside, resistance is seen at Rs 277.90, and a move above that level could push prices towards Rs 279.60.
Daily Market Report
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