Zinc price fell on May 9

According to the data monitoring of business agency, the zinc price fell sharply on May 9, and the zinc market fell. On May 9, the price of zinc was 26304 yuan / ton, down 2.78% from 27056 yuan / ton on the previous trading day; Zinc prices fell again this week; Compared with 2021, the price of zinc increased by 17.24% year-on-year.

Key points of analysis

The zinc ingot inventory in LME market increased, the supply expectation of zinc market increased, the contradiction between supply and demand of zinc market eased, the rising power of zinc market weakened, and the downward pressure increased; Domestic zinc downstream enterprises started weaker, zinc downstream customers were strongly afraid of heights, the demand of zinc market fell, the recent domestic and foreign economic data were poor, the growth of global manufacturing industry slowed down and the demand was weak. The policies of ensuring supply and smooth, resumption of work and production were promoted in an orderly manner, the domestic control policies were adjusted, the resumption of work in the downstream was accelerated, and the enterprise production was expected to improve. However, the overall downstream demand turned better than expected, the nonferrous metals sector fell, and the downward pressure on the zinc market increased.

Future forecast

Under the background of weak supply and demand, the supply is expected to increase, the demand is expected to decline, the contradiction between supply and demand is alleviated, and the zinc price is expected to fluctuate and fall in the future.