1. Zinc price trend

Zinc prices fluctuated and adjusted in April, and the zinc market fluctuated slowly. As of April 20, the average zinc price was 21,926.67 yuan/ton, a slight shock increase from April 1, which was 21,733.33 yuan/ton, an increase of 0.89%. The zinc market was replaced with "myasthenia".

2. Social inventory in major domestic zinc ingot markets

In January, the social inventory of zinc ingots fluctuated and adjusted. In February, the social inventory of the zinc market rose sharply. In March and April, the social inventory of the zinc market decreased slowly. The zinc market continued to destock. The zinc market inventory decreased, the zinc market supply decreased, and the zinc market rose in the future. Increased motivation.

3. Zinc Ingot Bonded Zone Inventory

The inventory of zinc ingots in the bonded zone fell from a high level, and the supply of zinc ingots was sufficient and slightly decreased. In the future, the downward pressure on zinc ingots is limited and the upward momentum is insufficient.

4. Shanghai Futures Market Inventory

In the Shanghai futures market, zinc ingot inventories first rose and then fell in March, and inventories slowly increased in April. The zinc market has sufficient supply in the future, but the rising trend has slowed down.

5. Zinc concentrate port inventory

The port inventory of zinc concentrate remained at around 100,000 to 150,000 tons. Affected by the epidemic, the inventory of zinc concentrate at the port continued to be high in 20 years. In 21 years, the inventory of zinc concentrate at the port has dropped sharply, with a trend of breaking through 100,000 tons. Zinc concentrate destocking has accelerated, zinc concentrate importing enterprises are less motivated to import, and the supply of zinc in the domestic zinc market may decrease.

6. Zinc processing fee

As of April, the domestic zinc concentrate processing fee is around 3700-4000 yuan/ton, which is the lowest level since September 18, and is far lower than the 6,500 yuan/ton in 20 years. Lower processing fees force zinc smelting The enthusiasm of the factory to start operations has been greatly reduced, the output of the zinc market has declined, and the supply of zinc in the zinc market may be reversed to stimulate the increase of zinc concentrate processing fees. The supply of zinc ingots may increase in the future.

7. Analysis

Recently, destocking in the zinc market has accelerated. The social inventory in the main zinc market, the inventory in the zinc ingot bonded area, and the inventory of zinc concentrate ports have all declined to varying degrees. The supply in the zinc market has decreased, and the zinc concentrate processing fee is low, and the zinc concentrate smelting enterprises produce The enthusiasm is not high, the number of zinc concentrate imports is expected to decline, and the zinc market supply is expected to decrease. With the advent of the zinc market demand season, zinc market demand rises, and the decrease in zinc market supply will inevitably stimulate the zinc market to rise, and zinc prices are expected to fluctuate in the future.

8. Related listed companies

Zhongjin Lingnan (000060), Chihong Zinc Germanium (600497).

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