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Mumbai, 10 April (CommoditiesControl): zinc smelter treatment charges have nosedived by 40% in 2024, indicating a significant tightening of the mine supply chain, analysts revealed on Thursday. This steep decline reflects the impact of mine closures driven by cost pressures, while global smelter production has surged, notably in China.
The plummet in treatment charges underscores the growing imbalance between mine output and refining capacity. Despite these developments, the surplus of refined zinc in the market remains largely unaffected.
In the trading arena, MCX zinc today surged by 1.99% to reach 243.50, extending its winning streak for the sixth consecutive day. The commodity has surpassed its initial resistance level of 241.80 and eyes the next target at 244.80. On the downside, the two support levels stand at 234.90 and 231.
Meanwhile, on the London Metal Exchange (LME), the 3-month zinc price rose by 1.07% to trade at 2740.50. Similarly, SHFE zinc May future saw a gain of 2.38%, reaching 22390 yuan ($3095.64).
The sharp movements in zinc prices underscore the ongoing supply challenges faced by the market, with demand dynamics and supply constraints expected to continue influencing price trends in the near term.
(By Commoditiescontrol Bureau; +91-9820130172)
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