Chinese President Xi Jinping said the world’s second-biggest economy was facing “considerable downward pressure,” while data showed the nation’s home-price recovery slowed in October.
Elsewhere, the global zinc market moved into a surplus of 22,300 tonnes in September, data from an industry group showed, while the global lead market saw another surplus in September, at 10,800 tonnes.
Metal prices have fallen to the multi-year month as China’s slowdown cut demand and added to oversupplies. Last week, Nyrstar said it would consider cutting its zinc production which could impact up to 400,000 tonnes per year of zinc concentrates production. However, the news didn’t help prices from falling, as the cuts are yet to be confirmed. Investors see the threat of that supply coming back and seem to not be willing to bet on sustained, higher prices.
Trading Ideas:
Zinc trading range for the day is 97.9-102.9.
Zinc prices ended with losses on concerns about faltering demand in China.
Chinese President Xi Jinping said the world’s second-biggest economy was facing “considerable downward pressure.”
Investors see the threat of that supply coming back and seem to not be willing to bet on sustained, higher prices.
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