Zinc
Zinc futures were trading around $3,200 a tonne, the highest since December 14th, as demand prospects brightened after top consumer China reopened its borders. On the supply side, inventories remain at record lows as the power crisis in Europe forced several smelters to operate at reduced capacity, while others were placed on care and maintenance, including the Budel smelter in the Netherlands, the Nordenham smelter in Germany, and the Auby smelter in France. In China, zinc inventories in Shanghai Futures Exchange warehouses rose by 2,280 tonnes to 20,453 tonnes on December 30th. As China's new year holiday approaches, market activity slows down, and the domestic stock accumulates. Global zinc stocks closed 2022 at 42,825 tonnes, an 84.7% reduction from the beginning of the year.
Historically, Zinc reached an all time high of 4603 in November of 2006. Zinc - data, forecasts, historical chart - was last updated on January of 2023.
Zinc is expected to trade at 2957.55 USD/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 2725.98 in 12 months time.
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