Zinc - Market trends and analysis

摘要

The latest ILZSG data released this week continues to back up our concerns about weak nearby fundamentals in this market. Global refined zinc production in January was 72,000 tonnes higher than usage, a surplus which is closely in line with the 68,000-tonne rise in reported inventories that month. Since January, LME stocks have risen by a further 40,000 tonnes, so we think the market has remained in surplus, though the level of oversupply in February and March is likely to have been far less than in January.