Global zinc short-term outlook July 2023
Pressure on the zinc price eased in July and the price appears to have stabilised. It is on course to end July some 10% above the May low. Following the surprise closure of Boliden’s Tara mine in Ireland, the market appears to think that the price has hit a support level, at least for now. A slightly more optimistic outlook for the global economy has helped, with macro-economic factors being supportive in the US and with growing expectations that the authorities in China will have to deploy more stimulus to stabilise the economy. However, the zinc price remains vulnerable to macro-economic sentiment.