According to the monitoring of the commodity market analysis system of Shengyi Society, as of December 19th, the price of 0 # zinc was 23138 yuan/ton, a decrease of 1.23% from the zinc price of 23426 yuan/ton on December 15th.
Macro sentiment tends to be warm
The divergence of monetary policies among major economies around the world, the increasing expectation of interest rate cuts by the Federal Reserve, and the expectation of loose liquidity are favorable for metal prices. The domestic macroeconomic data has moderately recovered, and signals such as CPI rebound and export recovery have boosted market confidence. The overall macroeconomic sentiment is warm, providing external support for zinc prices.
raw material end
Currently, the processing cost of zinc concentrate continues to show a downward trend. As a result, the profit margin of smelters has been significantly compressed, and some smelters have even fallen into a loss making situation. At the same time, northern mines have entered a seasonal production reduction phase, which further exacerbates the tight situation on the raw material supply side.
Supply and demand side
The domestic zinc ingot supply side has shown a significant contraction trend, mainly due to two factors: the concentrated maintenance work carried out by smelters and the tight supply of raw materials.
The demand in the domestic terminal market still shows a seasonal weak trend. Entering November, the zinc plating, die-casting zinc alloy, and zinc oxide industries mainly focus on meeting rigid demand in procurement, and inventory pressure has not been significantly alleviated.
comprehensive analysis
The zinc supply side continues to show a tightening trend, providing strong support for prices. However, high inventory levels and weak demand have significantly suppressed the upward potential of prices. In the short term, zinc prices are likely to maintain a volatile and weak trend.
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