Zinc Prices Surge Amid Improved Macroeconomic Sentiment
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Zinc prices saw notable gains today, with LME increasing 1.92%, SHFE up 0.63% and MCX rising 1.31%. Prices increased due to improved macroeconomic sentiment and bullish trading patterns driven by the US Fed's rate cut.
Zinc Prices
- LME: As of yesterday, LME zinc opened at $2,880/ton, hitting a high of $2,945/ton, and low of $2,848/ton, finally closed at $2,939.5/ton, an increase of $55.5/ton or 1.92%. Today, LME Zinc trading commenced at $2,939.5/ton.
- SHFE: As of yesterday, the most-traded SHFE zinc 2411 contract opened at 24,100 yuan/ton, hitting a low of 23,890 yuan/ton, finally closed at 23,925 yuan/ton, an increase of 150 yuan/ton or 0.63%. Today, SHFE Zinc trading commenced at 24,020 yuan/ton.
- MCX: As of yesterday, Zinc prices opened at Rs 267.15/kg, reached the highest level of Rs 270.40/kg, the lowest level at Rs 266.70/kg and finally closed down at Rs 269.55/kg, a rise of Rs 3.00 or 1.31%. Today, MCX Zinc trading commenced at Rs 270.45/kg.
Zinc Supply & Demand
- LME Opening Stock - 256800 | Live Warrants - 229125 | Cancelled Warrants - 27675
- LME: Trading volume decreased to 11,574 lots, and open interest increased by 978 lots to 243,000 lots. Overnight, LME zinc recorded a large bullish candlestick, with the 10/20-day moving averages providing support. Overnight, LME inventory increased by 4,950 ton to 256,800 ton, an increase of 1.97%. LME inventory continued to rise. The US Fed's rate cut overnight led to a broad rise in non-ferrous metals, with LME zinc fluctuating at highs.
- SHFE: Trading volume decreased to 45,221 lots, and open interest increased by 648 lots to 95,752 lots. Overnight, SHFE zinc recorded a bearish candlestick with no upper shadow, with various moving averages providing support. Overnight, driven by the overseas market, SHFE zinc fluctuated at highs. Coupled with positive domestic policy expectations, market sentiment improved. However, the current price has reached a resistance level, and further upward movement requires additional stimulus.
Zinc News
- LME Zinc fluctuated at highs as macro sentiment gets better.
- Seoul-based private equity firm MBK Partners on Thursday expressed hope that Korea Zinc will be acquired by a Korean conglomerate, instead of a Chinese one.
- Kuniko reports that early assay results from a recent mapping and sampling campaign at the Vågå Project in Norway have returned promising results of up to 5.53% copper and 8.59% zinc.
Expert Opinion
- The MCX Zinc market is expected to show a mixed trend today. Zinc finds support at Rs 266.15, and a break below could lead to a test of Rs 263.35. On the upside, resistance is seen at Rs 272.25, and a move above that level could push prices towards Rs 277.60.
Daily Market Report
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