Zinc price prediction today July 19th, 2023

LME Zinc recorded three consecutive negative columns overnight, the daily K center of gravity moved down, and KDJ opened downward. Overnight LME inventories increased by 10,650 tons to 80,373 tons, an increase of 15.27%, and LME inventories recorded a substantial increase. Overnight, U.S. retail sales growth in June fell short of expectations, but the economy is still expected to grow steadily in the second quarter, deepening interest rate hike expectations, and LME Zinc is running weakly. SHFE Zinc recorded a small positive column overnight, and the 20-day moving average below provided price support. From a fundamental point of view, there is no strong upward driving factor for SHFE Zinc, and the pressure on the supply side remains. It is expected that zinc prices will keep fluctuating.

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