SMM Zinc Market Comment And Forecast (July 13)

Published: Jul 13, 2023 11:08

Source: SMM

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LME zinc prices closed with gains overnight. LME zinc stocks fell 775 mt to 72,150 mt. The U.S. consumer price index (CPI) rose 3.0% year-on-year in June, the smallest year-on-year increase since March 2021, after rising 4% in May. As the Fed's interest rate hike expectations weakened, the U.S. dollar index dipped to a a-year low point.

SHFE zinc also rose overnight, in spite of resistance from the 60-day moving average. Overseas inflation data brought about an improvement in the macro sentiment, pushing up LME and SHFE zinc prices at night. Domestic RMB loans increased by 3.05 trillion yuan in June, an increase by 229.6 billion yuan year-on-year. China’s new bank loans jumped in June, and total social financing also increased, exceeding expectations. Under this circumstance, market sentiment was boosted, but vigilance against suppression on supply brought about by imports.

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SMM Daily Comments (Jul 6): SHFE, LME Base Metals Diverged with SHFE Nickel and Tin Skyrocketing, Ferrous Metals Rose across the Board

China Commodity Supply and Demand Boomed in June

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