Spot zinc TCs increase further

摘要

Spot TCs for imported zinc concentrate in China were already up by $15/t in June compared with three months earlier. Although this did not result in a buying spree amongst Chinese smelters, zinc concentrate imports did increase that month for the first time since January and to their highest level since February, and refined zinc output in China surged to around an all-time high. Even with spot TCs for imported tonnages having lifted further through July, we are told that smelter purchases are limited. With a surplus again building outside China in 2014 Q2, concentrate stocks are likely to rise further if there is no major disruption to the additions to supply set to emerge in the second half. This said, today's surplus feed will be highly sought after beyond the short term.