Zinc Prices Lifted by Strong Demand, Tight Supply
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Zinc prices firmed across global exchanges, supported by falling LME inventories and stronger Chinese demand. While ILZSG projects a surplus of ~93,000 t in 2025, short-term sentiment remains bullish. Russian mine delays and tight concentrate supply may cushion against downside, keeping MCX zinc in upward momentum near-term.
Key Highlights
- LME Zinc (3M) rose 0.60% to $2,852.75/mt.
- LME stocks fell to 55,875 t, signaling tightening supply.
- SHFE zinc gained on stronger Chinese demand recovery.
- MCX outlook bullish with ₹274 support and ₹278–280 resistance.
Price Trends: Zinc gains on LME, SHFE, and MCX
- LME Zinc (3M Futures): US $2,852.75/mt (+0.60%).
Range: Open $2,768.39 / High $2,794.50 / Low $2,766.75 - LME Cash Price: $2,840.00/mt
- SHFE (China, Sept Contracts): ¥22,280–22,325/mt (+0.56–0.59%)
- MCX (India): ₹275.85/kg (+0.66%), supported by strong spot demand
Supply Outlook: Falling stocks, ILZSG surplus forecast
- LME Inventory: 55,875 t (↓ from previous day), signaling tighter availability.
- ILZSG 2025 Outlook:
1. Market expected to post a ~93,000 t surplus
2. Mine output +4.3% (~12.43 Mt)
3. Refined output +1.8% (~13.73 Mt)
4. Demand growth +1%
Market Drivers: China demand and mine delays support prices
- Global rally in zinc prices amid falling inventories.
- Chinese demand recovery lifts SHFE futures.
- Russian Ozernoye mine delays could restrict concentrate supply, partly offsetting surplus concerns.
Technical View (MCX Zinc)
- Support: ₹274.0/kg
- Resistance: ₹278.0/kg
- Breakout Zone: Above ₹280.0/kg
Expert View: Bullish momentum with ₹274–280 trading range
MCX zinc at ₹275.85/kg reflects a bullish momentum. Prices may extend gains if inventory drawdowns continue or if Chinese demand strengthens further, despite the broader surplus forecast for 2025.
Zinc Ingots
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