Zinc prices fluctuated and rose in June
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According to the Commodity Market Analysis System of the Business Society, as of June 29th, the zinc price was 20250 yuan/ton, an increase of 3.95% compared to June 1st, which was 19480 yuan/ton. Macro positive news has increased, and the zinc market is positive, with zinc prices fluctuating and rising in June.
The Federal Reserve suspended interest rate hikes in June, macroeconomic benefits
A number of economic data in the United States reflect that the U.S. economy is more resilient than Europe. The Federal Reserve suspended interest rate hikes in June, and the recovery of macroeconomic sentiment pulled up U.S. stocks. In June, the U.S. Dollar Index fell continuously, hitting a new low since mid May; The trend of non-ferrous metal production has increased, the international macroeconomic environment has warmed up, and the zinc market is positive.
However, the overall inflation in the United States is still at a high level. Federal Reserve Powell released the signal of continuous interest rate increase. In late June, the U.S. Dollar Index rose in a volatile manner. The support for the international economy’s macro positive weakened, and the zinc market’s positive weakened.
| Gamma-PGA (gamma polyglutamic acid) |
Expected decrease in zinc market supply
From the trend chart of zinc concentrate processing fees, it can be seen that in June, the zinc concentrate processing fees stabilized, and zinc smelting enterprises showed average enthusiasm for starting operations. The supply of zinc in the market was temporarily stable, and the support for the increase in zinc prices was insufficient.
Sweden’s Boliden has suspended production of the largest zinc mine in Europe, and the Ronnskar smelter has shut down due to a fire, leading to a decrease in supply expectations for the European zinc market and increased support for the rise of the zinc market.
Future Market Forecast
According to data analysts from Business Society, the international economic environment rebounded in June, with non-ferrous metals bullish and bullish, while zinc prices followed suit. China has increased its support for real estate, infrastructure investment is improving, and the central bank’s MLF has cut interest rates. This has led to an increase in positive news for the domestic economy, stimulating a rebound in market sentiment and a rebound in the zinc market. Zinc smelters in Europe have ceased production, and the supply of zinc in the market is expected to decrease. Multiple positive factors stimulate the fluctuating rise of zinc prices. In the future, the expectation of macroeconomic recovery weakens, the supply of zinc is relatively sufficient, and the support for the rise of zinc market is insufficient. It is expected that zinc prices will fluctuate and consolidate in the future.
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