SMM Forecast for Zinc Prices This Week

Positive news from real estate improved market sentiment last week. However, the overall rebound in zinc prices was weak as expectations of oversupply existed due to high supply, more zinc imports and the off-season. However, we have not yet seen the accumulation of visible inventory. The inventory of smelters has increased as they were reluctant to sell at low prices.

Regarding the expectations of domestic smelters to reduce production due to high sulphuric acid inventories, SMM survey shows that only some smelters will conduct overhaul in June. Only some smelters in Henan reduced production due to high sulphuric acid inventories. Fundamentally, there is still no logic which will drive up zinc prices.

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