Today, the zinc MCX price surged by 3.23% to settle at ₹275, primarily driven by China’s comprehensive stimulus measures aimed at reviving its struggling economy. The People’s Bank of China announced its most substantial stimulus since the pandemic, which has significantly boosted market sentiment and supported metal prices across the board.

However, this positive momentum comes alongside a 4.8% increase in zinc inventories at Shanghai Futures Exchange-monitored warehouses. This rise is attribute to higher arrivals of imported zinc ingots and post-holiday restocking in Shanghai, while the Guangdong region saw significant inventory growth due to weak downstream demand.

In August 2024, China’s refined zinc imports reached 26,500 metric tons, marking a substantial month-on-month increase of 44.24%, although this figure represents a decline of 9.01% compared to the previous year. Cumulatively, refined zinc imports from January to August totaled 267,000 metric tons, reflecting a year-on-year increase of 30.72%. Despite this growth, zinc exports remained minimal, leading to net imports of 24,600 metric tons.

On the supply side, Swedish miner Boliden’s decision to delay its Odda zinc smelter expansion until 2025 may tighten future supplies. The global zinc surplus also shrank to 14,000 metric tons in July, down from 36,400 tons in June.

Technically, the zinc market is witnessing fresh buying pressure, with open interest rising by 39.44% to settle at 2,694 contracts. Current support is seen at ₹269.9, with potential further downside to ₹264.8, while resistance is likely at ₹277.7, with a possible test of ₹280.4 if prices break above.

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