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SMM Morning Comments (Jun 21): Zinc Prices dropped Overnight

iconJun 21, 2023 09:06
Source:SMM
SHANGHAI, Jun 21 (SMM) – LME and SHFE zinc prices dropped overnight

SHANGHAI, Jun 21 (SMM) – LME and SHFE zinc prices dropped overnight

Zinc: Overnight, LME zinc price dipped, weighed down by the 5-day moving average. LME zinc inventories decreased by 75 mt to 80,025 mt. LME zinc cash-to-three month contango was $15.5/mt, revealing soft demand.

SHFE zinc prices closed with a slight drop overnight, confronting with resistance from the 40-day moving average.

At present, impact of favorable macro news waned, and market sentiment cooled. In addition, operating rate of smelters remained high, and amount of imports will pick up. Therefore, rising amount of zinc in circulation in the market will put a downward pressure on zinc prices again.

[Disclaimer: The above representation and data is based on market information SMM believes to be reliable at the time of acquiring as well as the comprehensive assessment by SMM research team, and any and all information provided in this article is for reference only. This article does not constitute a direct recommendation for investment or any decisions in any form and clients shall act on their own discreet and any decisions made by clients are not within the responsibility of SMM.]

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