Minmetals Futures: Zinc prices mainly fluctuate at high levels

An explosion accident occurred at the metallurgical plant of Kazzinc, which is under Glencore’s unit, in Kazakhstan. Kazzinc said that part of the structures had collapsed. Kazzinc’s annual zinc output is about 250,000–300,000 tons, and its annual lead output is about 100,000–150,000 tons. The company has not yet disclosed the specific impact of the incident on production; any disruption to actual smelting operations may be limited. Going forward, it is still necessary to watch whether the company will disclose the extent of any production cuts and the repair timeline. After the market’s de-escalation of tensions around the US-Iran conflict, sentiment in the non-ferrous metals sector has improved. The zinc price’s central level may rise along with sector sentiment, and with stronger structural support from the LME, zinc prices are expected to mainly trade in a high-range sideways pattern. (Wukuang Futures)