Commodity Market Report

Global zinc short-term outlook February 2021

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26 February 2021

Global zinc short-term outlook February 2021

Report summary

January's almost $300 retreat in the zinc price proved short lived, and the zinc price along with the rest of the base metal complex on the LME rallied in February. The rally saw the zinc price test resistance at $2900 and the cash to three months spread narrow. A key driver behind investors’ enthusiasm for commodities has been the robust recovery of manufacturing activity and expectations of economic growth gaining momentum. Worries over the inflationary impact of government stimulus may also be encouraging some investors to look to commodities as a means of hedging against inflation. The first-round offers and bids in negotiations for annual contract treatment charges were very low from the mines and high from smelters. Setting initial bids and offers very far apart is traditional in this industry.

Table of contents

  • Market Developments
  • Global
  • United States
  • Japan
  • Concentrate market
  • Mine production
  • Mine production news
  • Smelter production
  • Smelter production news

Tables and charts

This report includes 19 images and tables including:

  • Copper leads prices higher
  • Seasonal surge for Shanghai stocks
  • Uptick in cancelled warrants could signal further declines in LME stocks
  • Price forecasts and global quarterly supply and demand balance
  • Vaccination programmes have yet to have a major impact on economic activity in the service and construction sectors in many parts of the world
  • Rising automotive sales are being met by inventory drawdown, not rising production
  • Galvanized sheet and metallic coated sheet production
  • Key indicators of zinc consumption
  • Treatment charges $/t of concentrate
  • Quarterly concentrate balances
  • Concentrate balances
  • Mine disruption allowance breakdown
  • Zinc mine capability, market adjustment and production (kt Zn)
  • Global zinc consumption - (kt Zn)
  • Global zinc mine production (kt Zn)
  • Global zinc smelter production (kt Zn)
  • Zinc stocks, prices and premiums
  • Chinese trade data (kt)
  • Global slab zinc supply/demand balance (kt)

What's included

This report contains:

  • Document

    Global zinc short-term outlook February 2021

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