Zinc prices have risen three times this week
According to the Commodity Market Analysis System of Shengyishe, as of May 22, the price of zinc was 24578 yuan/ton, a three consecutive increase of 3.99% compared to the zinc price of 23636 yuan/ton on May 19; The zinc price has increased by 5.13% compared to 23378 yuan/ton on May 1st; The zinc price has increased by 13.85% compared to 21588 yuan/ton on January 1st. The average zinc price in 2024 is 21207.20 yuan/ton, with a median of 21938 yuan/ton. This week, zinc prices have risen three times in a row. Currently, zinc prices have reached a new high in 2024 and are at the highest level within a year. The detection positions are at the highest level within a year, the medium high level within two years, and the medium high level within three years. Recently, they have been consistently on the alert for over price increases within a year. The warning of excessive increase in zinc prices continues, increasing the risk of a decline in zinc prices, and the risk of a sharp drop in zinc prices in the future continues to intensify.
Zinc prices continued to rise year-on-year in May
According to the Commodity Market Analysis System of Business Society, since mid April 2024, zinc prices have risen year-on-year for the first time in a year. As of May 22, 2024, the zinc price was 24578 yuan/ton, an increase of 19.42% compared to May 22, 2023, when the zinc price was 20582 yuan/ton. Zinc prices have risen continuously this week, with a sustained year-on-year increase in May 2024. Zinc prices remain high, increasing the risk of decline.
Technical forecast for zinc market this week: It is highly likely to maintain a positive operation
According to the Commodity Market Analysis System of Shengyishe, since April 7, 2024, the 7-day moving average has crossed the 30 day moving average and started an upward trend, but currently the two moving averages are moving in opposite directions. On April 21, 2024, it was estimated that the probability of a change in operating conditions (i.e. a 7-day moving average crossing the 30 day moving average) occurring within the next 7 days is only 7.79%. The probability of zinc prices maintaining a high level is relatively high, and the probability of a significant drop in zinc prices is less than 10%.
Future Market Forecast
According to data analysts from Business Society, zinc prices remained high in May and have continued to rise this week. International zinc market inventories are low, and domestic zinc markets are slowly destocking. Although the international macro environment is somewhat favorable, the supply and demand fundamentals of the zinc market have limited changes, and the support for the increase in zinc prices is insufficient. And zinc prices remain high and continue to rise, intensifying the risk of future decline. Expected zinc prices to fluctuate slightly in the future.
| http://www.lubonchem.com/ |