Zinc dipped below $2,800 a tonne as investors booked profits after the metal's rally to one-year highs on April 19th, fueled by fund buying and supply concerns. Easing fears of a wider Middle East conflict triggered a risk-on mood, diverting capital away from the commodity. Additionally, dwindling expectations of interest rate cuts by the Fed kept the dollar used to price zinc futures near six-month peaks, reducing the purchasing power of consumers. The continued weakness in China's property sector, a top zinc consumer, further hampered metal's construction demand. The cost of new Chinese homes plummeted the most in nine years in March, while real estate investment contracted at an even faster pace of 9.5% during the month. However, a further downturn in zinc was prevented by mine suspensions due to strong inflationary pressures, low outright metal prices, and scheduled maintenance.
Zinc increased 237 USD/MT or 8.92% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Zinc reached an all time high of 4603 in November of 2006. Zinc - data, forecasts, historical chart - was last updated on April 26 of 2024.
Zinc increased 237 USD/MT or 8.92% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Zinc is expected to trade at 2726.58 USD/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 2560.07 in 12 months time.