Zinc price fell after the holiday

According to the data monitoring of Business News Agency, the zinc price was 23426 yuan/ton as of January 8, down 2.29% from 23974 yuan/ton on January 1 at the beginning of the month. Zinc market demand was poor, and zinc prices fell after New Year’s Day.

International market

The Federal Reserve released the minutes of the hawkish meeting, which showed that the Federal Reserve was worried that the market was too optimistic and the interest rate might be higher than expected. The Federal Reserve Bill Committee supports raising interest rates to 5.4%, higher than the expected peak of the Federal Reserve in December. ISM manufacturing fell to 48.4 in December, shrinking for the second consecutive month. The US dollar index rebounded sharply, hitting a four-week high, while the US stock index fell, and the market risk appetite was still not optimistic. On the industrial side, the energy support in the international market has weakened, but there is still a floor support under the low inventory. The zinc price is not strong enough. This week, the price of Lunzhou zinc dropped slightly.

Domestic market

The domestic economic data rebounded, the government increased the economic stimulus, the infrastructure improved, increased the support for the real estate policy, and adjusted the epidemic control policy, but the macroeconomic sentiment fell. Affected by the factors such as the consumption off-season, the approaching of the Spring Festival holiday and the peak of infection in the south, the employment shortage of enterprises took advantage of the situation to take a holiday, the enterprise’s operating rate continued to fall, and the consumption was exhausted. The peak of infection in some regions has not yet passed, and some enterprises have started to take holidays one after another, and the overall operating rate has declined. Before the holiday, the stock of raw materials in the enterprise increased. Overall, the short-term macroeconomic weakness remains weak, and the demand for long-term economic recovery is expected to increase.

Aftermarket forecast

According to the data analyst of the Business News Agency, the recent macroeconomic weakness is still weak, the demand for zinc is poor, and the downward pressure of zinc price is high. It is expected that the short-term zinc price will fluctuate and fall. In the long run, with the macroeconomic recovery, the zinc market will be supported by the rise, and the long-term zinc price may rebound from the bottom.