Zinc prices fluctuate and consolidate this week
According to the Commodity Market Analysis System of the Business Society, as of November 13th, the zinc price was 21506 yuan/ton, a decrease of 0.07% compared to the zinc price of 21520 yuan/ton on November 3rd last weekend. The PMI data for October in Europe has rebounded, but it is still in a contraction range, with poor macro data. Zinc prices have fluctuated and consolidated this week.
Contraction range at PMI in Europe in October
The final comprehensive PMI of the Eurozone in October was 46.5, expected to be 46.5, and the previous value was 46.5. The initial PMI of France’s manufacturing industry in October was 42.6, with an expected 44.4; The final comprehensive PMI for France in October was 44.6, with an expected 45.3, compared to the previous value of 45.3. Spain’s comprehensive PMI50 for October is expected to be 48.7, with a previous value of 50.1. The UK’s comprehensive PMI for October was 48.7, with a previous value of 48.6. The final comprehensive PMI for Germany in October was 45.9, with an expected 45.8, compared to the previous value of 45.8. The Eurozone’s PMI in October was below 50, France’s PMI was below expectations and below 50, and Spain’s comprehensive PMI was above expectations but still below previous levels; The PMI of the UK and Germany in October was higher than previous values and expectations, while the PMI data for Europe in October rebounded, but the PMI for Europe in October is still in a contraction range. Macro data is poor, with insufficient support for the rise of the zinc market.
Future Market Forecast
According to data analysts from Business Society, zinc prices surged last week due to news of production cuts from overseas mines. However, due to fundamental constraints, European data still contracted, and the sustained rise in zinc prices lacks support. In the future, zinc prices are expected to fluctuate and consolidate.
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