Zinc prices fluctuated and consolidated this week
| Thiourea |
According to data monitoring by the Business News Agency, as of March 24th, the zinc price was 22506 yuan/ton, a slight increase of 0.18% compared to the fluctuation of 22466 yuan/ton on March 17th; Compared to the zinc price of 23346 yuan/ton on March 1, the decrease was 3.60%. Optimistic expectations of market demand coexisted with sluggish sentiment, and zinc prices fluctuated and consolidated this week.
Non ferrous metals confidence index
The confidence index of nonferrous metal enterprises in the first quarter of 2023 was 49.8, up 1.4 points from the previous quarter. The confidence index rebounded again after two consecutive quarters of decline, approaching the critical point of 50. In the first quarter of 2023, the confidence index of nonferrous metal enterprises showed a steady increase, but it has not fully recovered to above the critical point of 50. The overall operating environment of the industry and the restoration of enterprise confidence require a certain period of time. Limited support for zinc market gains.
Supply and demand of international zinc market
According to data released by the Kazakhstan Bureau of Statistics, Kazakhstan’s refined zinc production in January-February fell 14.2% year-on-year. The output of the international zinc market has decreased, the supply of zinc is insufficient, and the upward momentum of the zinc market has increased.
According to data released by the European Automobile Manufacturers Association, new car registrations increased by 12% in February to 902775 vehicles, the seventh consecutive month of growth. The increase in car registration and demand for zinc in the market has led to a strong upward momentum in zinc prices in the future.
US Treasury Secretary soothes the market, and the three major US stock indexes collectively closed higher
U.S. Treasury Secretary Janet Yellen plans to tell lawmakers at a congressional hearing on Thursday that the U.S. federal government will be prepared to take further measures to protect depositors’ deposits when necessary. Yellen has changed her mouth to appease the market. The three major indexes of U.S. stocks collectively closed higher, the Nasdaq Composite Index rose 1%, the price of short-term U.S. treasury bond bonds rose, crude oil futures fell 1%, and gold futures rose more than 2%. Stimulated by the positive news, the commodity market is expected to recover, with the London zinc price surging in the evening, and the upward momentum of the zinc market has increased.
Aftermarket Forecast
Data analysts from the Business News Agency believe that the demand in the international zinc market has rebounded and the supply has declined. The recent zinc market has some positive support, but the economic recovery is less than expected, with limited support for the rise of the zinc market. The US Treasury Secretary reassured the market that the commodity market was positive, but expectations of economic weakness remained, and support for zinc price increases was difficult to sustain. It is expected that the zinc market will fluctuate and consolidate in the future.
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