The bank notes falling Chinese demand and increased supply from Kipushi
In a note this morning on zinc supply and price forecasting, Macquarie Bank said it expected mine supply to grow at a CAGR of 2.5% to 2028 versus refined production growth of 2.2%. It added that it expected the zinc price to continue to track copper in the short term."In the short-term, we expect the zinc price to continue tracking the copper price, increasing in Q4 to an average of $2,900/t," Macquarie said.
Investor flows have dominated the price action Credit: MacquarieLike copper, Chinese zinc smelter output fell in July and August. As expected, Macquarie has revised its forecast for Chinese demand growth this year to -0.2%, down from 2.3% previously."In comparison, apparent consumption is down ~2.9% YTD, suggesting destocking through the chain," it explained.
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