Zinc MCX Tips for Today Rocking All Target Achieved 209.40 Enjoy. Zinc yesterday settled down by 0.02% at 205.65 hurt by a recent jump in inventories in the London Metal Exchange’s warehouses. Zinc inventories in LME warehouses were last at 293,800 tonnes, where stockpiles hit their highest since June 2017 at 294,500 tonnes.
- Zinc prices dropped hurt by a recent jump in inventories in the London Metal Exchange’s warehouses.
- Why is zinc dropping in price?
- Zinc inventories in LME warehouses were last at 293,800 tonnes, where stockpiles hit their highest since June 2017.
- The global refined zinc market is expected to be in surplus of 463,000 tonnes in 2021, the International Lead and Zinc Study Group said.
The global refined zinc market is expected to be in surplus of 463,000 tonnes in 2021, the International Lead and Zinc Study Group said last year. A private survey showed Chinese manufacturing activity growth slowing in January, with the Caixin/Markit manufacturing Purchasing Managers’ Index (PMI) coming in at 51.5.
That compared against expectations for a reading of 52.7 by analysts in a poll. On the fundamentals, TCs of Sichuan and Yunnan mines dropped, and the tight supply situation did not changed. In addition, zinc ingot stocks declined last week to provide support for zinc prices.
New cases in the US continued to decline. The Biden administration’s hope of reaching a $1.9 trillion bailout agreement between the two parties was frustrated, and the Democratic Party will start the stimulus legislation alone.
