After the holiday, zinc prices fluctuated slightly and fell
| Gamma-PGA (gamma polyglutamic acid) |
According to the Commodity Market Analysis System of Business Society, as of February 19th, the zinc price was 20268 yuan/ton, a decrease of 1.35% compared to the zinc price of 20546 yuan/ton on February 9th before the holiday; Compared to February 1st, the price of zinc decreased by 3.06% to 20908 yuan/ton. During the Spring Festival, zinc ingot inventories accumulated, and the demand for zinc remained weak, causing zinc prices to fluctuate and fall.
London LME zinc ingot inventory increase
Time/ Inventory/ Increase or decrease/ Changes
February 8th/ 216675/ 10225/4.95%
February 9th/ 227225./10550./4.87%
February 12th/ 238275./11050./4.86%
February 13th/ 246400./8125./3.41%
February 14th/ 254825./8425./3.42%
February 15th/ 259825/ 5000./1.96%
February 16th/ 264825./5000./1.92%
During the Spring Festival, the LME zinc ingot inventory in the London futures market continued to accumulate. As of February 16, the LME zinc ingot inventory was 264825 tons, an increase from the inventory of 227225 tons on February 9 before the holiday. During the Spring Festival, overseas demand was weak, and the zinc ingot inventory in the London futures market increased.
Weak demand remains
After the Spring Festival holiday, downstream enterprises slowly resumed work, but some downstream customers still have holidays and have not resumed work. In addition, customers are stocking up before the holiday, and zinc ingot inventory is high. The demand for zinc ingot replenishment after the holiday is poor, and the demand for zinc in the market remains weak.
Future Market Forecast
According to data analysts from Business Society, the high inventory of zinc ingots has accumulated, coupled with the weak demand in the zinc market after the holiday, the support for the rise in zinc prices is insufficient. In the future, there is sufficient supply of zinc in the market, and with the low season of the zinc market remaining, it is expected that zinc prices will fluctuate and fall at a low level.
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