1. Zinc price trend

According to SunSirs data monitoring, zinc prices fluctuated and fell in January, and the zinc market fell. As of January 18, the average zinc price was 20,573.33 yuan/ton, a drop of 3.52% from the 21,323.33 yuan/ton on January 1 at the beginning of the month.

2. China's monthly zinc output

According to data from the Shanghai futures market, zinc stocks in the Shanghai futures market increased in January, and the zinc market supply increased. In January, the domestic zinc market supply increased, and the zinc market's upward momentum weakened and downward pressure increased.

3. Zinc concentrate import and export data

According to data released by the General Administration of Customs, China imported 216,400 physical tons of zinc concentrate in November 2020, a decrease of 87,000 physical tons compared with October, a decrease of 28.7%; a year-on-year increase of 137,700 physical tons in November 2019, an increase of 38.9%. From January to November 2020, a total of 3,497,800 tons were imported, a cumulative year-on-year increase of 635,000 physical tons, an increase of 22.2%. The import volume of zinc concentrate has increased sharply, and the zinc market has ample supply. The downward pressure on the zinc market has increased.

4. Analysis

SunSirs analysts believe that the zinc ingot inventory in the Shanghai market increased in January and the zinc market supply increased. Recently, the import volume of zinc concentrate has increased. The domestic zinc market has sufficient supply and the zinc market supply has increased, and the downward pressure on zinc ingots has increased.

Related listed companies: Zhongjin Lingnan (000060), Chihong Zinc Germanium (600497).

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