Zinc prices fell sharply after the festival
According to the data monitoring of business society, the zinc price fell sharply after the festival, and the high level of zinc market fell back. As of May 10, the price of zinc was 25720 yuan / ton, down 7.29% from 27742 yuan / ton on May 1 at the beginning of the month. The supply and demand of zinc market recovered after the festival, but the supply recovered faster than the demand, and the zinc price fell sharply after the festival.
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Zinc ingot inventory in LME market continued to decline sharply
Time, LME zinc inventory, Increase or decrease, Proportion of change, Register warehouse receipt, cancelled warrants
April 29, 95350., – 925., – 0.96., 33700., sixty-one thousand six hundred and fifty
May 3, 95350., 0 0 34475., sixty thousand eight hundred and seventy-five
May 4, 94075., – 1275., – 1.34., 34475., fifty-nine thousand and six hundred
May 5, 93175., – 900., – 0.96., 34475., fifty-eight thousand and seven hundred
May 6, 94375., 1200., 1.29., 36050., fifty-eight thousand three hundred and twenty-five
May 9, 92575., – 1800., – 1.91., 36050., fifty-six thousand five hundred and twenty-five
From the zinc ingot inventory data of LME market, it can be seen that after the festival, the decline of zinc ingot inventory in LME market slowed down, the number of registered warehouse receipts increased slowly, and the number of cancelled warehouse receipts decreased. The supply of zinc increased, the rising power of zinc price weakened, and the downward pressure increased.
Inventory increase in Shanghai Futures Market
Time, Futures inventory, Increase or decrease
April 29, 126411., – one thousand and twenty-seven
May 5, 122380., – four thousand and thirty-one
May 6, 122907., five hundred and twenty-seven
May 9, 123332., four hundred and twenty-five
May 10, 123266., – sixty-six
It can be seen from the inventory data of Shanghai futures market that after the May Festival, the futures zinc inventory of Shanghai futures market accumulated, the supply of zinc market increased, and then the market demand anxiety continued, the supply-demand balance of zinc market moved down, and the downward pressure on zinc price increased.
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European supply or recovery
Europe is in the off-season of energy demand and natural gas prices are weak. The processing fee of imported zinc concentrate continues to rise, the supply of outer zinc concentrate tends to be loose, the profits of European smelters have been repaired, the operating rate of smelters may rise, and the tension of outer supply may be alleviated. The supply of zinc in Europe has increased, and the pressure of zinc price decline has increased.
Future forecast
Business analysts believe that the supply of zinc market has picked up after the festival, the zinc ingot inventory in Shanghai futures market has accumulated, the registered warehouse receipts of zinc ingot inventory in LME market have increased, and the cancelled warehouse receipts have decreased. In terms of demand, the supply of global zinc market has increased. In terms of domestic production and work resumption, the recovery of zinc market demand is less than expected. In the future, the supply of zinc recovered, the growth of demand was less than expected, and the zinc price stabilized after a slight decline.
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