Zinc prices rose 1.0 percent
Today, on September 16, the spot price of zinc on the London Metal Exchange (LME) saw a 1.0% increase, reaching ,979.0 per ton. This marks the highest spot price for zinc in the past week. Concurrently, the futures price also hit a seven-day high, reaching ,951.0 per ton. This report, provided by the Public Relations of the Iran Lead and Zinc Industries Association and sourced from "FelezatOnline," details the market performance of zinc. The spot price of ,979.0 per ton is up 1.0% from the previous trading day, September 12. Over the last week, the spot price has increased by 2.0 per ton, a 3.5% rise from its value of ,877.0. Futures contracts, used for hedging against market risk, also followed this upward trend. Zinc futures increased by approximately 0.9% to ,951.0 per ton. This represents a 3.2% increase from its price of ,859.0 a week ago. Analysts also closely monitor LME inventory levels. A decrease in stock can signal a sudden surge in demand or a drop in supply, which can drive prices higher. An increase, conversely, can suggest weak demand or slow delivery. On September 16, LME zinc inventories were 50,150 tons, a 375-ton daily decrease and a 1.7% decrease over the past seven days. The market is currently in backwardation, which occurs when the spot price is higher than the futures price. The gap between the spot price and the three-month futures contract was .0 per ton, a .0 increase from the previous day.
This backwardation has been a consistent trend over the past four days, accompanying rising spot prices and declining inventories. This market state may be due to a strong demand for immediate physical delivery or a supply deficit.
Looking at the broader trend since early August, the highest spot and futures prices were both recorded on September 16, at ,979.0 and ,951.0 per ton, respectively. The lowest spot price was on August 1st at ,707.0 per ton, while the lowest futures price was also on the same day at ,715.0 per ton. The largest price spread between spot and futures occurred on September 11, with a .5 per ton gap, also in a state of backwardation.
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