Global zinc short-term outlook November 2022 Report

Commodity Market Report 30 November 2022

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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below

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.

Market Developments
Concentrate markets
Production News
- Current mine developments
- Project development
- Corporate activity
- Smelter production
- Current smelter developments

Tables and charts

This report includes the following images and tables:

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