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Short in Supply, Zinc Price Rising Another 1.67%
Supported by good fundamentals, for morning session on Sept.27th, Shanghai Copper 1711 Contract rallied again and finished 1.67& higher.
SHANGHAI, Sept. 27 (SMM)－Short in supply is the main factor that supports 2 years’ rebound of Zinc price. LME Zinc price has risen 22% this year, hitting 10 years record high. Supported by good fundamentals, for morning session on Sept.27th, Shanghai Copper 1711 Contract rallied again and finished 1.67% higher.
Premium of LME Spot Zinc against three-month Futures Zinc has risen to the highest level in the past ten years, showing current short supply. According to SMM data, social stock of spot Zinc in Shanghai, Guangdong and Tianjin has been refreshing the historical record continuously. LME Zinc stock is at low point over past 8 years.
Kang Cheng, Zinc analyst of SMM, believes under imbalance between supply and demand, fundamentals of Zinc remains strong. With upward trend unchanged, it is expected to rise even higher.
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