The comparison of ZN prices of 17/09/25 with those of the beginning 2025 highlight the following variations:
Dollar prices : + 1,15%
Prices in € : -11,20% (thanks to the strengthening of the € of the 13,7% compared to $)
Examining the trend of zinc prices, We can divide the year into two phases:
First half 2025 from the 02/01/25 al 30/06/25
The prices in US $ recorded a decrease in the -7,4%, which for European operators has meant a -18%, due to the strength of the € that had strengthened the +11,6% compared to $.
During this first phase, A moderate balance prevailed on the stock exchange, With the prevalence of the contango, that is, the prices at three months higher than the ready deliveries.
Second semester 2025 from the 01/07/25 al 17/9/25
The scenario that is prevailing from 1 July is different.
To the 17/09/25, Prices have marked an increase in US $ del +8,8% corresponding to an increase in € of + 8% thanks to a further strengthening of the 0,1% of the euro compared to the US dollar, and starting from 11 July, At London the "Contango" London gave way to the "Backwardation" which initially from € 22 / ton today is of – € 43/ ton (that is, the prices for ready delivery are higher than those at three months).
The strengthening of cash prices (Compared to the three months) It is due to a contraction of stocks to the LME, descended from 130.000 Ton a 42.000 Your, as a consequence of the reduction of production in the West, to a productive slowdown in China, For reasons of environmental pollution, and to a calm question because buyers cover their needs in the minimum essential quantities, having no interest in constituting stocks because they would buy something today that will be less than tomorrow.
In this backward context, The seller fears that the prices still go down, so it is encouraged to sell the good ready (highest spot price) Compared to the future price, because he believes that the scarcity of the good continues.
It is useful to make a comparison with the same period of the 2024:
Al 09/17/25 a also 17/09/24
USA $ Dollari 3.032 / ton $ 2.947 / ton
Euro € 2.564 / ton € 2.648 / ton
Approaching the end of the year, We must note that even then, the 24 October 2024, The backwardation reached the – $ 63/ ton and the spot prices had risen to $ 3.323 / ton (€ 3.048 / ton), But immediately afterwards the contango reappeared (Prices a 3 months higher than ready) rebalancing the market.
Imagining that the evolution of the market follows the same ascending trend as end prices 2024, and the recent reduction of the Fed rates acts as an accelerator, We should expect a further increase in dollar prices.
Regardless of how much it will occur, It should be emphasized that European operators are benefiting from the strengthening of the euro which compared to 05/10/24 (Trump's victory day) recorded an appreciation of 8.70%