Zinc Outlook

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Expert zinc market insights

Our quarterly zinc outlook is published in our Quarterly Metals Report, which covers base, precious and ferrous metals. The impact of supply and demand fundamentals and macroeconomic implications for the zinc futures and spot prices are analysed. Our research team produce a zinc price range forecast as part of the report.

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Zinc Outlook – Q4 2022

Tightness of material in China has caused backwardations on the SHFE market after maintenance at smelters and previous destocking along the supply chain causes tightness. LME spreads are also tight due to a lack of material, but consumption is weak, and people are deferring delivery. We expect energy prices to rise, capping consumption of the end-user but the market. Chinese production will not increase until November when maintenance finishes and this will keep spreads backwardated, especially if galvanizers increase consumption. TCs are high for imported material, but domestic TCs are catching up, and this boosts profitability and therefore production in the longer run. We expect tightness to continue in the near term...

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