Zinc Prices Surge Amid China's Economic Boost
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LME Zinc surged by 3.53% yesterday, while SHFE Zinc gained 1.27%, and MCX Zinc increased 3.08%. China's stimulus measures and favourable U.S. data continue to support zinc prices. Further, supply constraints and strong demand point to continued bullish momentum in the zinc market.
Zinc Prices
- LME: As of yesterday, LME zinc opened at $2,988/ton, hitting a high of $3,106/ton, and low of $2,984/ton, closing up at $3,094/ton, an increase of $105.5/ton, or 3.53%. Today, LME Zinc trading commenced at $3,097.5/ton.
- SHFE: As of yesterday, the most-traded SHFE zinc 2411 contract opened at 24,970 yuan/ton, hitting a high of 25,155 yuan/ton, low of 24,860 yuan/ton, closed up at 25,025 yuan/ton, an increase of 315 yuan/ton, or 1.27%. Today, SHFE Zinc trading commenced at 24,990 yuan/ton.
- MCX: As of yesterday, zinc prices opened at Rs 273.85/kg, reached the highest level of Rs 283.05/kg, the lowest level at Rs 273.60/kg and finally closed down at Rs 282.50/kg, an increase of 8.45 or 3.08%. Today, MCX Zinc trading commenced at Rs 283/kg.
Zinc Supply & Demand
- LME Opening Stock - 255050 | Live Warrants - 232000 | Cancelled Warrants - 23050
- LME: Trading volume increased to 112,000 lots, and open interest decreased by 1,242 lots to 241,000 lots. Overnight, LME zinc recorded a large bullish candlestick, supported by various moving averages below. LME social inventory decreased by 175 tons to 255,050 tons, a reduction of 0.07%.
- SHFE: Trading volume decreased to 135,000 lots, and open interest increased by 4,659 lots to 117,000 lots. Overnight, SHFE zinc recorded a four-day winning streak, with the daily K-line moving upward, supported by various moving averages below. Currently, favourable macro policies continue to boost market confidence, coupled with a slight decrease in social inventory, providing support for zinc prices. It is expected that SHFE zinc will continue to fluctuate at highs today.
Zinc News
- U.S. initial jobless claims have dropped to a four-month low, while China's fiscal stimulus measures are expected to lift LME zinc prices today.
- SHFE zinc fluctuates at highs as favourable macro policies boost market confidence.
- Zinc production in Mexico almost doubles in July. Zinc futures are trading near a 3-month high of around US$3,000/ton boosted by renewed optimism following China's stimulus measures aimed at reviving its slowing economy.
Expert Opinion
- The MCX Zinc market is expected to show a bullish trend today. Zinc futures price has broken the strong resistance of Rs 280 and is expected to touch the level of Rs 300 as well in the coming days. Zinc finds support at Rs 280.50, and a break below could lead to a test of Rs 273.05. On the upside, resistance is seen at Rs 287, and a move above that level could push prices towards Rs 293.80.
Daily Market Report
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