Zinc price rose continuously in November

According to the data monitoring of SunSirs, after the continuous fall of the zinc price, the zinc price rose in November. As of November 8, the zinc price was 24,668 RMB/ton, up 6.61% from the price of 23,138 RMB/ton on November 1. The continuous fall of zinc price stimulated the turnover and accumulation of zinc market. The inventory of zinc market fell sharply and the supply of zinc was tight. In November, the zinc price rose for five consecutive times.

The inventory of zinc ingots in the zinc market dropped sharply

From the zinc ingot inventory table of Shanghai futures market, it can be seen that since the middle of October, the demand of zinc market was expected to recover, and the inventory of Shanghai futures market had declined. At the end of October, the continuous decline of zinc price further stimulated the enthusiasm for transactions of zinc market. By November, the zinc inventory had dropped 6617 tons on one day, and the zinc market's inventory had no goods to fall, and the zinc price had risen.

It can be seen from the zinc ingot inventory table in London futures market that since October, the zinc ingot inventory in London market has been declining continuously, and the speed has reached the peak around November. The supply of zinc ingots in the international market was insufficient, and the inventory of zinc market continued to decline. At the end of October, the continuous fall of zinc price stimulated the purchasing enthusiasm of zinc market, and the inventory of zinc ingots dropped significantly. However, with the continuous increase of zinc price, the purchasing enthusiasm of zinc market declined. The reduction of zinc ingot inventory slowed down.

Market outlook

According to the data analysts of SunSirs, the background of weak supply and demand in the zinc market has not fundamentally changed. In October, the demand in the zinc market did not perform as expected, and the zinc price fell continuously. However, the falling zinc price stimulated the desire of downstream customers to copy the bottom, and the zinc ingot inventory plummeted. The supply of zinc was temporarily in short supply, and the price of zinc had risen continuously in November. However, the overall balance of supply and demand in the zinc market had not been broken. With the decline of zinc ingot inventory, the rise of zinc price slowed down. It is expected that the future zinc price will fall slightly in the short term, and the medium and long term zinc price will be adjusted in a wide range.

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