Zinc prices per kg rose by 0.76%, settling at ₹271.55, driven by optimism over Beijing’s commitments to enhance fiscal and monetary stimulus to support economic growth. However, risks around U.S. President-elect Donald Trump’s tariff policies continue to cause caution among investors, keeping market sentiment mixed.
Production and Inventory Insights
- Zinc Stocks: Inventory in Shanghai Futures Exchange warehouses declined by 20.9% week-on-week.
- China’s Zinc Production:
- November: Refined zinc production grew slightly by 1,000 metric tons month-on-month but was down nearly 12% year-on-year.
- December: Production increased by 20,000 metric tons month-on-month, reflecting 5% growth.
- Year-on-year cumulative production for 2024 remained 6% lower than the previous year.
- November: Refined zinc production grew slightly by 1,000 metric tons month-on-month but was down nearly 12% year-on-year.
- Improved Output: Production exceeded expectations due to higher-than-anticipated output from smelters in Qinghai, Inner Mongolia, Xinjiang, Hunan, and Shaanxi.
Global Zinc Market
- The global zinc market posted a deficit of 69,100 metric tons in October, up from the 47,000 tons deficit in September, according to the ILZSG.
- Refined metal production fell 1.7% between January and October 2024.
- Mine production declined by 3.8%, mainly due to lower output in countries such as Canada, China, South Africa, and Peru.
Market Activity and Technical Levels
- Short covering was seen as open interest dropped 13.63% to 3,219 contracts.
- Zinc prices are supported at ₹269.4, with potential downside to ₹267.2.
- Resistance is found at ₹273.1, with a breakout potentially testing ₹274.6.
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