SHANGHAI, May 13 (SMM) – Zinc prices are not expected to climb above the current moving range due to soft fundamentals, Shanghai Metals Market’s interview finds.
“Growing supply and no big improvement in consumption will keep zinc prices in check,” an analyst from CITICS futures told SMM in an interview.
Production at mines is high, with operating rate at some mines nearing capacity. Rising TCs for zinc concentrate also give a boost to production at zinc smelters, the analyst added.
Utilization rate at 45 major Chinese zinc smelters is expected to rise to 80% in May, SMM expects.
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