SHANGHAI, Jul. 6 (SMM) - 43% of zinc smelters are optimistic toward zinc price trends, SMM finds in its latest survey.
The release of a series of stimulus measures from Chinese government will help improve market sentiment. Zinc concentrate tightness in some regions from environmental protection factor has constrained operating rates at some smelters, affecting their output. Meanwhile, TCs of imported zinc concentrate fell slightly, and zinc prices also need to rebound after a two-month losing streak.
29% are neutral, expecting any room for further declines to be limited because of previous sharp drop. Nonetheless, any gains will be also modest on the off-season.
28% are bearish. The July-August low-demand period, combined with chronic Greek crisis, tumbling China’s A-share and rising US dollar will push down zinc price.
SMM #0 zinc prices averaged 16,045.24 yuan per tonne in June, a sharp drop of 711.76 yuan per tonne from May.
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