Enable JavaScript to run this app.
3 months ago
Non Ferrous Scrap
Non Ferrous Scrap
Daily Report

OfBusiness Zinc Dailies | 29th November 2023 

Today, LME Zinc price opened at $2539.5/ton, SHFE Zinc price opened at 21050 yuan/ton, and MCX Zinc price opened at Rs.227/kg.


  • LME: Yesterday, LME zinc opened at $2531.5/ton and closed up $10.5/ton or 0.42% at $2538/ton. The trading volume was 8133 lots, and open interest added 3867 lots to 207,000 lots. Today, LME Zinc price opened at $2539.5/ton.
  • SHFE: Yesterday, the most active SHFE 2401 zinc contract prices opened at 21140 yuan/ton and closed at 21100 yuan/ton, down 45 yuan/ton or 0.21%. Trading volume stood at 53,000 lots, and open interest gained by 1689 lots to 84,000 lots. Today, SHFE Zinc price opened at 21050 yuan/ton.
  • MCX: Yesterday, Zinc prices opened at Rs.226.95/kg and dropped to a low of Rs.225.60/kg, reached the highest level of Rs.227.65/kg and finally closed down at Rs.227.25/kg, up 0.30, an increase of 0.13%. Today, MCX Zinc price opened at Rs.227/kg.

Demand and Supply

  • LME Zinc prices are supported by a weakening U.S. dollar, but domestic consumption is still a concern.
  • SHFE Zinc prices are supported by rising production costs due to lower national weekly TCs and some smelters facing losses.
  • Global zinc market shifted to a deficit in September, but concerns about oversupply remain due to increased zinc inventories in LME warehouses and higher-than-expected refined zinc output in China.
  • Temporary closure of two Nyrstar mines and power rationing notifications sent to some smelters in Yunnan could impact zinc production in 2024.


  • The corporate restructuring plan initiated by Hindustan Zinc Ltd (HZL) could delay the government’s stake sale process.
  • Variscan Mines has discovered a rich maiden resource at the San Jose mine in northern Spain.
  • Zinc prices gained on hopes of continued support measures from China.
  • Hindustan Zinc stock price declined by 0.17% on November 29, 2023.

OFB’s Opinion

  • OFB expects short covering to continue in the zinc market, with support identified at Rs.226/Kg and potential test of Rs.224.8/Kg if breached. Resistance is likely at Rs.228/Kg, and a move above could lead to a test of Rs.228.8/Kg.
Stay informed and stay ahead of market for free
Daily Market Updates
Get Data Rich Insights
Free 500+ Raw Materials Pricing

Non Ferrous Scrap Prices

Tell Us Your RequirementBest Rates | Working Capital | Delivery Anywhere

Select Product