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Commodity Market Report

Global zinc short-term outlook November 2022

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30 November 2022

Global zinc short-term outlook November 2022

Report summary

The zinc price got off to a soft start in November at its lowest level since February 2021. Buoyed by a better-than-expected inflation report from the US and the news that China is modifying its approach to covid, zinc saw open interest rise to its highest level since June and the price climbed to over $3150/t. However, confusion around the implementation of the policy changes saw open interest and the price fall. News of a restart of production at Nyrstar's Budel smelter lent momentum to the retreat. LME and Shanghai Futures Exchange stocks continued to drift lower, taking total exchange stocks to an equivalent of just two days of global consumption. With exchange stocks at such low levels, the refined market remains fundamentally tight and even with demand softening, spot premiums remain well supported.

Table of contents

  • Market Developments
  • Concentrate markets
    • Current mine developments
    • Project development
    • Corporate activity
    • Smelter production
    • Current smelter developments

Tables and charts

This report includes 19 images and tables including:

  • The price and open interest pick up following news of change to China's covid approach
  • Macro sentiment is the dominant driving force for base metals in November
  • Exchange stocks are still sliding lower
  • Price forecasts and global quarterly supply and demand balance
  • PMIs point to broad based slowdown in manufacturing activity
  • Galvanized sheet and metallic coated sheet production
  • Key indicators of zinc consumption
  • Treatment charges $/t of concentrate
  • Comparison of revenue from different treatment charges
  • Chinese concentrate imports (kt gross weight concentrate)
  • Mine disruption allowance breakdown
  • Zinc mine capability, market adjustment and production (kt Zn)
  • Index of Chinese smelter production
  • Global refined 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 November 2022

    PDF 1.01 MB