Zinc Prices Steady on Tight LME Stocks, Firm Chinese Demand
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Zinc prices held firm across major exchanges on October 29, 2025, supported by tight LME inventories (~37 kt) and steady downstream demand in China. SHFE zinc maintained strength within the ¥22,200–22,600/mt range, while MCX futures traded near ₹308.25/kg. Analysts expect consolidation with an upward bias amid limited fresh supply.
Key Highlights
- LME zinc 3-month futures steady near $3,057/mt, reflecting tight visible inventories.
- SHFE contracts held firm between ¥22,200–22,600/mt, backed by stable Chinese demand.
- MCX futures hovered around ₹308.25/kg, showing domestic strength before expiry.
- Analysts expect consolidation, with potential upside if smelter disruptions continue.
LME Zinc Futures Hover Near $3,057 Amid Tight Global Inventories
- LME: LME zinc 3-month futures traded around US $3,057.5/mt (latest available quotes), with intraday movement in the low-to-mid $3,000s range as the market reacted to tight visible stocks and active warehouse withdrawals.
- SHFE: Shanghai futures remained firm — nearby SHFE zinc contracts hovered in the ¥22,200–22,600/mt range, reflecting steady domestic demand and tight physical availability in non-Chinese markets.
- MCX: MCX zinc futures traded near ₹308.25/kg on 29 Oct 2025, showing domestic strength and tightness ahead of month-end delivery periods.
Supply & Demand: SHFE and MCX Zinc Prices Stay Firm on Steady Domestic Demand
- LME Stocks: Visible LME stocks remain tight — the latest public data shows inventories in the 37,000–38,000 tonnes range, reflecting continued withdrawals and reduced on-warrant availability.
- Market Activity: The market has experienced heightened volatility through October as withdrawals from LME warehouses and logistics shifts diverted metal away from traditional hubs. Chinese refined output remains a key swing factor for near-term balances.
News: Analysts Warn of Volatility if Smelter Outages Tighten Supply
- LME zinc prices remained supported by ongoing warehouse withdrawals and tight visible inventories.
- SHFE futures reflected steady demand amid seasonal domestic consumption.
- MCX mirrored global tightness, with month-end delivery dynamics supporting nearby contract bids.
- Analysts cautioned that any major smelter outage or export disruption could trigger sharp movements in physical premiums.
Expert Opinion: Analysts Expect Consolidation with Bullish Bias Near ₹312 Resistance
- Support: ₹300.0 /kg
- Resistance: ₹312.0 /kg
- Breakout: Above ₹317.0 /kg
Short-term View: With LME 3-month futures in the low $3,000s and visible stocks remaining subdued, OFB views the market as biased toward tightness. Expect consolidation unless fresh supply enters the market; monitor SHFE spreads for confirmation of sustained strength.
Zinc Ingots
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