According to the monitoring of the commodity market analysis system of Shengyi Society, as of January 10th, the price of 0 # zinc was 24626 yuan/ton, a slight decrease of 6.31% from the zinc price of 25846 yuan/ton on January 1st.
This week’s market analysis
This week, the suspension of interest rate cuts and policy risks have put pressure on prices. At the same time, as the Spring Festival approaches and consumer seasonality weakens, the marginal pressure at both macro and micro levels has increased, leading to a decline in zinc prices.
Supply and demand side
The supply situation of raw material zinc concentrate has improved, and the focus of domestic and international processing fees has shifted upwards. Refinery raw material inventory has rebounded to conventional levels. As a result, the extent of profit loss has narrowed, and the supply of refined zinc continues to rebound month on month. However, due to the influence of the Spring Festival, there has not been a significant increase in volume yet. The zinc ingot import window has been closed for a long time, with only a small amount of supply flowing in, which has limited impact on the market.
Demand side
Terminal consumption is showing a trend of differentiation. The intensification of the trade in policy has provided support for automobile and home appliance consumption, leading to a surge in the wind and solar industry at the end of the year, while infrastructure consumption remains stable. However, there has been a seasonal decline in galvanized exports, and the real estate industry has not yet shown significant improvement. There is an expectation of seasonal decline in initial consumption, but the demand for stocking up before the Spring Festival is still strong, providing some support for the market.
comprehensive analysis
With the release of negative factors and the absence of significant supply side volume, seasonal accumulation is expected to be limited, and the downward space for zinc prices will also be limited.
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