SHANGHAI, Sept. 14 (SMM) - 23% zinc smelters are bullish toward zinc prices in the near term, SMM finds in its latest survey.
They base their opinion on easy monetary policies worldwide and growing investment in power grid by China’s government in the second half of 2015 which will boost market sentiment.
“The September peak demand month and restarts at downstream producers following Beijing’s military parade will also enhance demand and in turn drive up zinc prices,” added one optimistic market player.
46% are bearish due to growing inflows of imported zinc and concentrate, which is boosted by the high zinc price ratio. Meanwhile, supplies from zinc smelters grew in September, also unfavorable for zinc price.
31% are neutral. It is believed that China’s demand will improve. However, automobile, home appliance and property sectors are languishing. The release of zinc inventories should continue to weigh on zinc prices.
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