Zinc price rises as Globally refined zinc inventories in 2023 expected to be deficit

The price of zinc Today increased by 0.38% to settle at 239.05, according to the International Lead & Zinc Study Group (ILZSG).

According to data, the social inventories of zinc ingot across 7 important Chinese marketplaces were 118,000 mt to as of May 5, down 18,500 mt from the previous Monday

[{"selector":"#anim-11bd0cec-46cf-4957-be5b-4a955434cbc1","keyframes":{"transform":["translate3d(123.16176%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b03179b5-16c6-465d-aabc-b6c5f82c989d","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e36117ca-51de-4727-a219-796bc89e1e46","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Read More

The downstream businesses in Guangdong were busy stockpiling up before the Labour Day break, when zinc prices dropped.

[{"selector":"#anim-308e9173-9937-4be8-8603-ce55290b28b0","keyframes":{"transform":["translate3d(129.74910%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-19518cac-0fee-464c-80a7-086c270ee106","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ef9d2c07-3abf-4995-8e0b-9335ab025d53","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Read More

Technically, the markets is under short covering because open interest has decreased by 3.8 percent to settle at 3370 while price have increased by 3.05 rupees

[{"selector":"#anim-149c3600-91ac-48a0-877c-0e3efa7de2f4","keyframes":{"transform":["translate3d(123.54950%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-db049014-5ac9-4fb2-9d2d-aeded3e7f04a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ae6617bf-9dc0-44e7-bb52-db05b61226bd","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Read More

Currently, Zinc is receiving support at 235.9, and a move below that level could result in a test of 233.0 levels. Resistance is now anticipate to be see at 240.20, and

[{"selector":"#anim-a2d7ca68-392a-4028-be06-6fb00ae01cdd","keyframes":{"transform":["translate3d(117.79935%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3a689549-b46f-4a4a-a897-6f4b2302ba89","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5273c181-9f2f-4177-af7d-c5ef432220f4","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Read More