February 9, 2021
China Trace Minerals: Cautious demand limits upward scope (week ended Feb 1, 2021)
As the rally in hog market ended with prices sliding 7% in three weeks, feed producers were more cautious with the purchases of trace minerals. Prices were mainly stable during the period in review.
For zinc sulphate, export prices were stable at US$1.10/kg whereas local transact prices remained in the range of RMB5.60-7.15/kg.
Meanwhile, zinc oxide export prices were unchanged at US$2.68/kg, while local transact prices were in the range of RMB16-17.40/kg.
While export prices stayed at US$0.59/kg, manganese sulphate was transacted in the range of RMB3.75-3.84/kg in China.
Prices of copper sulphate and zinc sulphate have surged 45% and 40% respectively compared with a year ago, hence dampening buying interest. With the hog market weakening before the Chinese New Year, buyers will tread prudently, thereby limiting the upward scope of trace minerals markets.
Full version of the report is available at: https://spoutinfo.com/market-forecast-detail/29/32/326/2902
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