Zinc prices have fluctuated and risen this week
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According to the Commodity Market Analysis System of Shengyishe, as of December 25th, the zinc price was 21472 yuan/ton, an increase of 2.14% compared to the fluctuating zinc price of 21022 yuan/ton on December 17th. The US sanctions against Russian zinc mining giants, coupled with macroeconomic data support, have led to a general rise in the non-ferrous metal sector, causing zinc prices to fluctuate and rise this week.
US sanctions against Russian zinc mining giants
The Office of Foreign Assets Control, a subsidiary of the US Department of Commerce, released the latest sanctions on Tuesday, with Russian mining giant Sviblov becoming the latest business person to be blacklisted. The companies controlled by Sviblov dominate the gold mining industry in Russia, and those affected by Sviblov sanctions include Ozernoye, a company that is developing one of the world’s largest zinc mines. The production of this mine is expected to account for 4% of global production, and if operated at full capacity, the project will become one of the largest zinc mines in the world. Affected by sanctions, the spot price of zinc on the London Metal Exchange rose slightly by 1.4% on Tuesday, while domestic zinc prices followed suit.
The non-ferrous metal sector generally rose
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The recent sharp decline in the US dollar index has made metals denominated in the US dollar cheaper for holders of other currencies. The non-ferrous metal market is favorable, while the non-ferrous metal prices are generally rising, and the zinc market is favorable.
Future Market Forecast
According to data analysts from Business Society, the US sanctions against Russia have reduced expectations of zinc mine supply, which has affected the rise in zinc prices; However, due to the impact of US economic data, the US dollar index has fallen, and the non-ferrous metal sector is positive. The prices of non-ferrous metals have generally risen, while zinc prices have followed the rise of sector prices. In the future, the impact of reduced zinc ore supply in Russia may continue. However, in recent months, there has been a significant oversupply of zinc ore, and the overall zinc market is still oversupplied. The sustained rise in zinc prices lacks support, and it is expected that zinc prices will fluctuate and consolidate.
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