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首页> 外文期刊>China Metal Market: Lead & Zinc & Tin Monthly >Zinc in March
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Zinc in March

机译：三月份的锌

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LME zinc price experienced big fluctuation in the month. In the first half of March, LME 3-month zinc contract consolidated and increased steadily. On March 16, zinc price reached 1,446 US dollars/t, a new high since 1997. After that, zinc price dropped dramatically, unexpected to most people. During the four trading days in the week before the Easter Day. 3-month zinc contract fell by 58 US dollars/t to 1,338 US dollars/t over the previous week. US dollar strengthened in the week and resulted in the liquidation of funds, which was the direct cause to the price fall. However, one thing noticeable is that only a few funds liquidated their positions and most of them remained unmoved. This may, to some extent, indicate that they still look good at the zinc price in the future. Fundamentals are good to zinc price. LME inventories kept on declining in March, which is a strong support to the zinc price. In 2005. the supply of zinc concentrate is still tight, both in China and in western countries. It is said that the inventories in key concentrates producers like Peru and Mexico had been run out in 2004. So the concentrates supply will be a restriction to refined zinc production this year. What's more, there is news saying that many western smelters cut down their production this year due to various reasons (such as raw materials, energy, transportation and environmental protection-problems). Glencore closed an ISF smelter in its Porto Wesme Smelter in Italy on February 18, Umicore decides to cut its zinc output in Europe by 25 percent, and there are production decreases from an 85,000tpy smelter of Metaleurop SA and other smelters. These production cuts may not influence the zinc price much in a short term when the inventories are still at a high level, but it is sure for them to show their effect in the latter half of the year.
机译：LME锌价格在当月经历了很大的波动。在3月上半年，LME 3个月的锌合同合并并稳定增长。 3月16日，锌价格达到1,446美元/吨，这是自1997年以来的新高点。此后，锌价格急剧下降，大多数人出乎意料。在复活节前一周的四个交易日中。 3个月的锌合同比上周下降了58美元/吨，至1,338美元/吨。美元在一周内得到加强，并导致资金清算，这是价格下跌的直接原因。但是，值得注意的一件事是，只有少数资金清算了他们的头寸，其中大多数人仍然没有动摇。在某种程度上，这可能表明他们将来仍然在锌价格上看起来不错。基本原理对锌价有益。 LME库存在三月份一直在下降，这是对锌价格的强有力的支持。 2005年。在中国和西方国家，锌浓缩物的供应仍然很紧。据说，秘鲁和墨西哥等主要浓缩物生产商的库存在2004年被用完。因此，浓缩物供应将是今年精制锌产量的限制。更重要的是，有消息称，由于各种原因（例如原材料，能源，运输和环境保护问题），许多西方冶炼厂今年减少了今年的产量。 Glencore于2月18日在意大利的Porto Wesme冶炼厂中关闭了ISF冶炼厂，Umicore决定将其在欧洲的锌产量减少25％，并且产量从Metaleurop SA的85,000tpy冶炼厂降低。当库存仍处于较高水平时，这些削减可能不会在短期内影响锌的价格，但是可以肯定的是，他们在下半年表现出效果。

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