Price of zinc declined based on production growth forecasts in China


On Tuesday, Goldman Sachs analysts' forecast for the growth of zinc production in China pushed prices for this metal to decline. The bank's experts expressed the opinion that the metallurgical companies of China would postpone the planned repair work for the second and third quarters to a later date, which would contribute to the growth of zinc reserves and lead to a decrease in its cost. According to official data, in May, China produced 480 thousand tons of zinc, which is 7.4% more than a year ago. The forecast of Goldman Sachs suggests an increase in the average price of zinc to 2.5 thousand dollars per ton in the next 3 months and to 2.4 thousand dollars per ton in the next six months. At the London auction on Tuesday, zinc fell by 0.8% and was traded at 2.45 thousand dollars per ton.

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