Zinc prices fell sharply this week
| PVA |
According to the data monitoring of Business News Agency, the zinc price was 23358 yuan/ton as of February 7, down 4.41% from 24436 yuan/ton on January 29 last weekend; The zinc price dropped by 4.16% compared with 24366 yuan/ton on February 1. Replenishment after the holiday was less than expected, and zinc market demand was weak, and zinc prices fell in shock this week.
Fed hawks remain
In an interview, the President of the Federal Reserve Bank of Atlanta said that if the better-than-expected economic situation continues, the interest rate this year will reach 5.1%, which is consistent with the median predicted by policy makers in December, and will remain at this level throughout 2024. He said that if the interest rate was raised by another 25 basis points on the basis of the current expected two interest rate increases, it might reach a higher peak, and he did not rule out the possibility of raising the interest rate by 50 basis points. The US dollar index rocked upward on February 6, hitting a four-week high. The Fed’s hawkish attitude remained unchanged. Commodity prices fell and zinc prices in London weakened. The domestic zinc market was negative.
Supply and demand of zinc market
With the end of the winter heating peak in Europe, the operating rate of zinc smelting in Europe is expected to rise, and the supply of international zinc market is expected to increase; The inventory of zinc ingots in the Shanghai futures market has increased significantly, and the domestic zinc market has sufficient supply. In the domestic zinc market, downstream customers mainly digest the early orders. The pressure of zinc ingot inventory accumulation is large, and the demand of zinc market is still weak.
Aftermarket forecast
According to the data analyst of Business News Agency, the US dollar index is strong and the international zinc price is falling; The supply of zinc in Europe is expected to increase at the end of the winter electricity peak; The domestic zinc market has sufficient supply and poor demand. The overall zinc market shows a trend of more supply and less demand. It is expected that the zinc price will fall slightly in the future.
| http://www.pva-china.net |