According to the Commodity Market Analysis System of Business Society, zinc prices have stabilized at a low level within a year, with an average zinc price of 21038.27 yuan/ton and a median value of 21009 yuan/ton. On April 11, 2024, the zinc price was 22720 yuan/ton, an increase of 3422 yuan/ton from the minimum value of 19298 yuan/ton within the year. In April, zinc prices continued to rise, currently reaching the highest level within a year. The detection positions are high within a year, medium low within two years, and medium low within three years.

On April 11th, zinc prices increased year-on-year

According to the Commodity Market Analysis System of Business Society, zinc prices have fluctuated and fallen since 2022, and in 2023 and 2024, zinc prices have decreased year-on-year compared to the same period last year. On April 11, 2024, the zinc price was 22720 yuan/ton, an increase of 0.97% year-on-year from the zinc price of 22018 yuan/ton on April 11, 2023. Recently, zinc prices have been rising continuously, with the first year-on-year increase in zinc prices on April 11, 2024.

Technical forecast for zinc market this week: It is highly likely to operate in a positive direction

The zinc price is likely to continue to improve this week. The prediction model of the Business Society’s commodity analysis system shows that since March 24, 2024, the 7-day moving average has crossed the 30 day moving average and started a downward trend. After April 7, 2024, the 7-day moving average has crossed the 30 day moving average and started an upward trend. Currently, both moving averages continue to rise in the same direction. On April 7, 2024, it was estimated that the probability of a change in operating trend (i.e. a 7-day moving average crossing the 30 day moving average) occurring within the next 7 days is only 50.63%.

Market Overview

The recent continuous rise in zinc prices has changed the weak market trend of zinc. On April 11th, zinc prices rose year-on-year for the first time in 23 years and reached a historic high in zinc prices within a year. However, zinc prices have remained at a mid to low level in the past three years, and there is still room for improvement in zinc prices. Moreover, the 7-day moving average of zinc prices crosses the 30 day moving average. From a technical perspective, the probability of zinc price increase is relatively high, but zinc prices are at risk of exceeding the price increase within one year, and the space for zinc price increase is limited.