Forecasts and market analysis based on price assessments from Fastmarkets MB and Fastmarkets AMM

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January 2020 | Base Metals

Zinc: Facing resistance

Together with the improved geopolitical and macro background, the low level of global exchange stocks has been providing short-term support to zinc prices. But the prospect of rising supply in the coming months could quell this tightness and nullify its price-supportive effect in the medium to longer term.

Stock inflows cap prices around $2,400 per tonne
The return of risk sentiment helped bolster zinc prices last week as the three-month benchmark touched an eight-week high of $2,416 per tonne as Iran and the US dialled back their rhetoric, and amid expectations that a first phase US-China trade deal will be signed this week.

However, further price gains were capped by technical selling pressure as well the delivery of 1,500 tonnes of stocks into LME warehouses in Singapore, which negated last week’s outflows.

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