ZINC MARKET RECORDED A SURPLUS OF 150000 TONS IN JAN-FEB 2012
DATE: 19/04/2012
Zinc markets recorded a surplus of 150000 tons in Jan-Feb 2012 as compared to a surplus of 553000 tons in Jan-Feb 2011. WBMS report showed that LME warehouse stocks that represent 74% of the world total increased by 70700 tons in first two months of the year.
Global refined production of Zinc was up by 4.5% while consumption increased by 65000 tons or 3.3% compared with the level recorded one year earlier. Global zinc demand included a increase of apparent demand from China by 5.4% to 850000 tons.
China represented 43% of the world total demand. According to Chinese customs data, imports remain at historically high levels. Much of the Chinese imports originate from other Asian countries. Exports reported by Japan, South Korea and Taiwan confirm the Chinese imports.
Demand from Japan was 3.1% below the total in January to February 2011. Meanwhile, slab zinc production was 1.098 million tons in February 2012 while consumption was 1.013 million tons.
LME three month forward is witnessing flat trade in Zinc at $ 1991 per ton. Prices have slipped from $ 2000 per ton levels last month. MCX Zinc was lackluster at Rs 103.2 per kg.
POWERED BY: COMMODITY INSIGHTS
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