Non Ferrous News Today

Aluminium prices opened lower on LME, SHFE, and MCX, reflecting minor corrections. China’s February output dropped month-on-month but grew year-on-year. India imposed anti-dumping duties on aluminium foil and other products to curb cheap imports from China. Global primary aluminium production increased 2.7% in January, signalling a stable supply outlook.

Zinc prices remained volatile, with LME zinc closing higher at $2,985.5/mt, SHFE zinc at 24,140 yuan/mt, and MCX zinc gaining 0.74% to ₹280.65/kg. Supply concerns intensified after Nyrstar announced a 25% production cut at its Hobart smelter in Australia, while global zinc output continued to decline. LME on-warrant stocks fell to their lowest since November 2023, signaling tightening availability. Experts see support at ₹279.2 and resistance at ₹282.1, with a potential breakout toward ₹283.5.

Zinc prices declined across LME, SHFE, and MCX due to weak Chinese trade data, escalating US-China trade tensions, and expectations of increased supply. While global zinc production has fallen for the third consecutive year, rising zinc concentrate TCs and anticipated production growth pressured prices. Experts suggest zinc is undergoing liquidation.

Aluminium prices remain stable despite China’s record-high production, as supply growth is expected to slow due to regulatory caps and export tax changes. JPMorgan forecasts a significant global deficit in 2025, pushing market expectations higher. Meanwhile, bauxite arrivals at Chinese ports and shipments from major exporters like Guinea and Australia have declined, further tightening supply.

Aluminium prices increased 1.21%, closing at Rs 264.4/kg, driven by US import tariffs and supply constraints. The global aluminium market is expected to face a 600,000 mt deficit by 2025, as China enforces production caps. Meanwhile, global aluminium output increased by 2.7% YoY. Analysts see support at Rs 262.8, with resistance at Rs 265.3, signalling potential further price movement.

Zinc prices remained stable, with LME, SHFE, and MCX showing minor fluctuations. Market sentiment is mixed, with SHFE zinc facing resistance and MCX zinc reacting to rising inventories. A global supply deficit continues to pressure prices, driven by declining output in China, Japan, and South Korea.

Aluminium prices remain stable with minor fluctuations, as end-user demand shows hesitation despite rising supply. Inventories for Aluminium ingots and billets have surpassed key levels, indicating slower movement in the market. Suppliers are holding back cargoes in anticipation of more favorable conditions, while macroeconomic factors like interest rates and inflation remain key drivers for future price movements.

Zinc prices declined across LME, SHFE, and MCX, pressured by rising inventories and weak demand recovery. LME zinc fell 2.57% to $2,845/mt as stock levels increased by 7,400 mt. SHFE zinc closed lower at 23,680 yuan/mt, and MCX zinc dropped 0.66% to Rs 271.85/kg. Global mined zinc production declined, while refined zinc imports rose. Experts see key support at Rs 265.8, with resistance at Rs 270.5.

Zinc prices remain mixed, with LME zinc closing slightly lower at $2,920/mt, SHFE zinc up 0.46%, and MCX zinc rising 0.11%. LME inventories dropped by 2,675 mt, supporting prices, while SHFE saw a supply increase with weak downstream demand. MCX zinc gained on PBoC stimulus expectations. Experts see immediate support at Rs 269.9, with resistance at Rs 273.2.

Zinc prices saw modest gains as a weaker US dollar and short covering provided support. However, rising inventories and declining global production continue to weigh on the market. Supply concerns persist, with China’s refined zinc output dropping and major mines planning cuts. Market sentiment remains cautious, with technical levels indicating potential resistance and downside risks.