Zinc prices fluctuated and fell this week

According to the Commodity Market Analysis System of the Business Society, as of November 17th, the zinc price was 21388 yuan/ton, a decrease of 1.06% compared to the zinc price of 21618 yuan/ton on November 10th. The zinc mine in Russia has been on fire, and the supply of zinc in the market has tightened. Zinc prices briefly rose from the 14th to the 15th, but demand in the zinc market remains weak, and both supply and demand in the zinc market are weak. Zinc prices have fluctuated and fallen this week.

Sudden fire at a zinc mine in Russia

A sudden fire in the Ozernoye mining and processing complex in Russia is expected to delay production. The complex produces 600000 tons of zinc ore annually, and zinc prices have risen after the fire. Zinc mines are facing the impact of grade decline and continuous disturbance from accidents, as well as the fact that closure is gradually increasing, and have long faced the problem of insufficient ore growth. The zinc mine fire in Russia has raised concerns about a decrease in zinc mine supply.

London Zinc Ingot Inventory Doubles

On November 16th, LME zinc ingot inventory was 133200 tons, with an increase of 65075 tons, accounting for 95.52% of the increase. Zinc ingot inventory increased, and zinc prices fell 2.54% to $2574 per ton in London overnight trading. Due to the arrival of a large amount of metal in warehouses, the inventory of zinc ingots in London futures market warehouses has nearly doubled, and the zinc market still has an oversupply.

Cautious sentiment spread during the meeting between the heads of state of China and the United States

After a year, the two heads of state once again had face-to-face exchanges. However, during the meeting between the two heads of state, crude oil prices plummeted to a new low in April and the largest drop in January. Macromarket data was weak, market risks intensified, and the zinc market remained cautious. The market was under pressure, and the downward pressure on zinc prices increased.

Future Market Forecast

According to data analysts from Business Society, the fire in Russia’s zinc mines has caused a brief rise in zinc prices, but the macro market is weak and the sustained rise in the zinc market lacks support. However, with a surge in zinc ingot inventory in London and the spread of market caution during the China US dollar summit, zinc prices have fluctuated and fallen. In the future, the China US dollar summit has released an important signal of stabilizing global expectations, which is beneficial for global economic development and is beneficial for the zinc market. Zinc prices may stabilize after a decline, but the weak supply and demand situation in the zinc market has not changed, and the support for zinc price increases is insufficient. It is expected that zinc prices will fluctuate and consolidate in the future.