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在今年10月份锌价连续创下新高后,近期,锌上升势头似乎放缓了脚步。进入11月,基本金属走势整体表现平平。供求基本面转差,沪锌在1.7万元/吨维持高位震荡,锌价上涨受到压制。一方面锌价的大幅回升刺激了冶炼厂的产量增长;另一方面源于消费进入淡季,现货市场需求疲软,库存大幅增加。不过宏观经济不断向好以及市场对通胀的预期仍然支撑着锌价,而交易所有限的库容更令冶炼厂无法大规模抛空,市场空头力量不足,价格向下调整的空间受限。
In October this year, zinc prices hit a new high in a row, the recent rise of zinc seems to have slowed down. Into November, the basic performance of the overall average flat metal. Poor supply and demand fundamentals, Shanghai zinc at 17,000 yuan / ton to maintain high turbulence, zinc prices have been suppressed. On the one hand, the sharp rebound of zinc price stimulated the output growth of the smelter; on the other hand, the sluggish consumption entered the off-season, the weak demand in the spot market and the substantial increase in inventories. However, the continuous improvement of the macroeconomic conditions and market expectations of inflation still support the zinc price. However, the limited stock of the Exchange will make the smelter unable to slash the scale on a large scale. As a result, there is not enough market power and the space for price downward adjustment is limited.