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Supply Constraints Limiting Upside Momentum, Zinc Prices on September 7th May Experience Limited Ups and Downs

Strong Crude Oil Prices Boost Non-Ferrous Metals; Overnight, London Zinc Gained 0.47%; Domestic Smelters Maintain High Production with Good Profit Margins, Leading to a Shift from Falling to Rising Inventories, but Zinc Prices Lack Sustained Upside Momentum, and It’s Expected that Zinc Prices Today May Experience Limited Ups and Downs.

The Overnight Trend for London Zinc was Cautious, Opening at $2,468 per tonne, reaching a high of $2,482, a low of $2,442.5, and closing at $2,476, up $11.5, or 0.47%. Trading volume increased by 563 lots to 767 lots, and open interest increased by 1,251 lots to 200,485 lots. The Shanghai Zinc main contract for September 7th showed narrow fluctuations and closed slightly lower at 21,305 yuan per tonne, down 15 yuan, or 0.07%.

Today’s spot zinc price estimate: The unexpected rise in the U.S. August ISM Services Index to a six-month high, the strengthening of U.S. bond yields to a two-week high, and the stabilization of the U.S. dollar index at a six-month high level. However, the recent upward adjustment in oil prices provides support, and the overnight non-ferrous metals had mixed performances. London Zinc cautiously rose by 0.47% to $2,476. Domestic smelters are enjoying good profit margins, and their production rates are boosted, maintaining high production levels. Social inventories have shifted from decline to increase, and with supply constraints, zinc prices lack sustained upside momentum. Sentiment in the real estate sector has improved due to policy support, but there is still a sense of pessimism regarding the traditional ‘Golden September and Silver October’ peak season recovery. In addition, downstream buyers are hesitant due to high prices, and their willingness to restock is low. Trading is expected to remain subdued, and it’s anticipated that today’s spot zinc prices may experience limited ups and downs.

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