Zinc Prices To Average Around $ 1940 In 2010: ABARE
Australian Bureau of Agriculture and Resource Economics (ABARE) expects that the prices of Zinc is expected to be $ 1940 per tonne in the year 2010. The latest report for December quarter suggests that the prices will see an increase of 29 percent from its estimated average of $ 1501 per tonne in the year 2009.
ABARE report comes at the time when all the Base metals are struggling due to Chinese monetary tightening measures and rise of Dollar.
Global Zinc consumption is also expected to increase, this will lead to a decline of 11 percent in the Zinc stocks which will be around 4.2 weeks of consumption.
Ministry of Industry and Information Technology of China (MIIT) said its 2009 yearly review that the Chinese imports of unwrought zinc was 802900 tonnes up 1.43 times. Imports of Zinc concentrates were 3.85 million tonnes increasing 61.50% from corresponding period previous year.
Meanwhile, MCX benchmark Zinc contract is trading at Rs 100.50 per kg up 0.15%. The prices are expected to face tough resistances at Rs 101.50 levels
Source : Capital Market