Zinc Outlook & Market Analysis - Sucden Financial > Metals Outlook > Market Insights

Expert zinc market insights

Our quarterly zinc outlook is published in our Quarterly Metals Report, which covers base, precious and ferrous metals. The impact of supply and demand fundamentals and macroeconomic implications for the zinc futures and spot prices are analysed. Our research team produce a zinc price range forecast as part of the report.

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Zinc Outlook – Q4 2024

Zinc prices have remained elevated in Q3 2024, breaching the $3,000/t resistance level. The tight supply of zinc concentrate is contributing to these elevated prices, leading to a reduced surplus of refined material this year. We anticipate that demand dynamics will have a more significant impact on zinc prices than supply constraints. Therefore, we expect prices to remain high in the final months of 2024.

Metals

As we enter Q4 2024, several trends from the previous quarter continue to persist. The central banks began their interest rate cutting cycles, with the Fed initiating a 50bps cut at its first meeting. The ECB is on a similar path, but it is facing strong pressures to cut due to the weakening performance of the Eurozone, which is creating a larger yield differential compared to the US. In China, authorities are aiming to stimulate the economy through fiscal and monetary policy measures; however, they are struggling to restore market confidence, particularly in the construction sector. These factors, combined with the upcoming US elections in November, create a strong likelihood of increased volatility. In this report, we will examine the potential trajectories for base, ferrous, and precious metals in the final months of the year.

Q4 2024