LME zinc futures on Nov 26 hit 3-week high amid stimulus measures expectation
Time:Wed, 27 Nov 2024 10:16:03 +0800
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Zinc futures price at the London Metal Exchange (LME) surged by US$53.5/ton the day before and rose another to US$55.5/ton yesterday, November 26, marking a 1.84% increase to close at US$33,075.5/ton, the highest level in three weeks since November 6.
Recent data from China's customs authorities showed that refined zinc imports reached about 58,000 tons in October 2024, up by 9.47% month on month and 19.03% year on year. From January to October, cumulative refined zinc imports totaled about 378,000 tons, marking a 23.43% year-on-year increase.
Beijing has hinted at potential additional stimulus measures, particularly for the real estate sector. As zinc is extensively used in construction, this has bolstered market expectations for increased demand.
Meanwhile, LME-monitored zinc inventories dropped by 2,575 tons on November 26 to 255,625 tons. While the zinc market currently faces weak supply and demand fundamentals, improved sentiment points to a possible short-term upward trend.
