Group 1 - The core viewpoint indicates that despite a decline in the US stock market, the weakening US dollar provides price support for zinc, with a slight increase in London zinc prices by 0.14% [1][2] - The domestic TC (treatment charge) remains low, and the supply tightness in the mining sector persists, which supports zinc prices [1][2] - The market sentiment is cautious due to the potential delay of non-farm payroll data caused by the US government shutdown, leading to a lack of macroeconomic guidance [2] Group 2 - The zinc concentrate market is expected to tighten initially and then loosen by 2025, as overseas mines recover and new mines come online, leading to a rise in TC and a shift in industry profits towards the smelting sector [2] - Domestic northern mines are undergoing seasonal maintenance, which has closed the import window due to the low Shanghai-London zinc price ratio, prompting smelters to rely on domestic ore [2] - Despite a strong demand for raw materials from smelters, the upcoming Chinese New Year may lead to increased holidays and reduced operating rates, putting pressure on zinc prices [2]
长江有色：矿紧格局延续但需求仍弱压制 4日锌价或涨跌不大
Xin Lang Cai Jing·2026-02-04 03:05