Commodity Market Report
Global zinc short-term outlook July 2024
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Report summary
Macro-economic concerns prompted a broad-based sell-off across the base metal complex this month. For zinc the sell-off was given additional momentum as long-position holders took profits on the LME. However, by the end of the month the price appeared to have found support at $2600/t. Meanwhile, mine to trader concentrate tenders for deliveries in the fourth quarter and into 2025 were concluded at deeply negative TCs this month, whilst spot TCs for prompt delivery for virtually all qualities are also negative, an unprecedented development in the concentrate market.
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