Zinc price fell on October 19

According to the data monitoring of business society, the zinc commodity index was 158.78 on October 18, up 12.08 points from yesterday, hitting a record high in the cycle, up 119.67% from the lowest point of 72.28 on November 22, 2015. (Note: the period refers to the period from September 1, 2011 to now). On the 18th, the zinc price hit a record high in the cycle. On the 19th, the zinc price fell. The zinc futures market fell after the zinc price limit rose for three consecutive trading days, and the zinc market fell. As of October 19, the price of zinc was 27216.00 yuan / ton, down 2.09% from 27796 yuan / ton on October 18 of the previous trading day; Compared with the zinc price of 23835.00 yuan / ton on October 13 at the beginning of the month, an increase of 14.19%. Zinc prices finally fell after continuous trading.

Glencore European zinc plant joined the ranks of production reduction

On October 16, Glencore announced that it would reduce the output of its three zinc smelters in Europe, mainly including staggered peak production of zinc smelters in Germany, Spain and Italy, and said that this was mainly affected by the soaring energy costs. Glencore is one of the world’s mining giants. Last year, the company produced 1170400 tons of zinc, accounting for about 9.67% of the world. After Trafigura group reduced its production by 50%, Glencore joined the ranks of production reduction, the supply of zinc market decreased, and the rising power of zinc market was full.

Zinc prices fell after rising continuously in the current table

According to the monitoring data of business agency, the futures zinc market hit the daily limit for three consecutive trading days after October 13. On October 18, the closing price of zinc ingot in London market was USD 3686 / T, with the price falling by USD 134 / T, or 3.51%. On October 18, the closing price of zinc ingot at night in Shanghai futures market was 26935 yuan / ton, with the price falling by 620 yuan / ton, or 2.25%. On October 18, the night zinc price in the futures market fell, and the spot zinc price fell on October 19. Zinc prices fell slightly after setting a historical record, and the momentum for the future rise of zinc market still exists.

Market Overview

Analysts of the business community believe that with the European Glencore zinc smelter joining the ranks of production reduction, the supply of zinc market is expected to fall again, and the zinc market is full of upward momentum. The futures zinc price has hit the daily limit for three consecutive trading days, and the spot zinc price has reached a record high. After reaching a record high, the upward momentum of zinc market has slowed down, the night price of zinc market has fallen, and the spot zinc price has followed suit. In the future, The demand of zinc market has not changed significantly, the supply expectation of zinc market has fallen sharply, the overall zinc market has full upward momentum, and the zinc price is expected to rise in the future.