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Chinese Zinc Futures Prices May Fall in The Short Term - Analysts

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SHANGHAI, May 7 -- Zinc futures prices on the Shanghai Futures&nbsp; Exchange&nbsp; (SHFE)&nbsp; may slide in the short term on falling demand and increasing supply, an analyst said on May 6th.
&nbsp;&nbsp;&nbsp; "Zinc prices&nbsp; have&nbsp; rebounded&nbsp; too&nbsp; rapidly&nbsp; recently&nbsp; - the global zinc market expected&nbsp; to&nbsp; be in surplus this year. With the traditional slack consumption&nbsp; season&nbsp; from&nbsp; May&nbsp; to&nbsp; August,&nbsp; it is likely that SHFE zinc prices will&nbsp; drop&nbsp; in&nbsp; the&nbsp; near&nbsp; future, Chen Xiaodong, an analyst from Guang Sheng Futures, said.
&nbsp;&nbsp;&nbsp; Chen added that the Chinese government has started implementing stricter controls&nbsp; on&nbsp; bank&nbsp; loans&nbsp; recently, which means there will be less cash flowing into commodity markets and commodity prices may be pulled down.
&nbsp;&nbsp;&nbsp; Furthermore,&nbsp; increasing&nbsp; market&nbsp; supply&nbsp; will have a negative impact on SHFE zinc&nbsp; prices&nbsp; in&nbsp; the&nbsp; near future. Since late March, domestic zinc output has&nbsp; started&nbsp; to&nbsp; increase&nbsp; due&nbsp; to rebounding zinc prices, which encouraged&nbsp; most&nbsp; zinc&nbsp; smelters&nbsp; and&nbsp; miners&nbsp; to&nbsp; restart operations at previously idle facilities, Sun Fan, an analyst from CITIC Futures, said.
&nbsp;&nbsp;&nbsp; Analyst Zhao Kai from Jinrui Futures predicted that domestic zinc pricesmay fall to RMB 11,000/mt (USD 1,612.15) before late August.
&nbsp;&nbsp;&nbsp; The most-traded&nbsp; 2009&nbsp; August&nbsp; zinc&nbsp; contract&nbsp; on&nbsp; the SHFE ended at RMB 13,090/mt (USD 1,918.45) on May 6, up 1.36 percent from the previous trading day.
&nbsp;&nbsp;&nbsp; (Source: INTERFAX-CHINA)

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