Beleggen in zink

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Beleggen in zink

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Zink is een scheikundig element met symbool Zn en atoomnummer 30.

Het is een blauw/wit overgangsmetaal.

https://nl.wikipedia.org/wiki/Zink_(element)
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Re: Beleggen in zink

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New zinc-air battery shows high power density, ultra-long stability

Researchers at Australia’s Edith Cowan University have redesigned zinc-air batteries by using a combination of new materials, such as carbon, cheaper iron and cobalt-based minerals.

In a paper published in the journal EcoMat, the scientists say that the new design has been so efficient it suppressed the internal resistance of batteries.

The device’s voltage was also close to the theoretical voltage which resulted in a high-peak power density and ultra-long stability.

“In addition to revolutionizing the energy storage industry, this breakthrough contributes significantly to building a sustainable society, reducing our reliance on fossil fuels, and mitigating environmental impacts,” lead researcher Muhammad Rizwan Azhar said in a media statement. “Using natural resources, such as zinc from Australia and air, further enhances the cost-effectiveness and viability of these innovative zinc-air batteries for the future.”

Azhar explained that a zinc–air battery consists of a zinc-negative electrode and an air-positive electrode.

Prior to this recent development, the main drawbacks of these devices were their limited power output due to the poor performance of air electrodes and their short lifespan.

With these issues being addressed, Azhar believes rechargeable zinc-air batteries can become more appealing for the storage of clean energy, particularly taking into account their low cost, environmental friendliness, high theoretical energy density, and inherent safety.

https://www.mining.com/new-zinc-air-bat ... stability/
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Re: Beleggen in zink

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China’s zinc import surge a sign of renewed optimism

China has rediscovered its appetite for imports of refined zinc after a prolonged absence from the international market.

The country took in 76,800 metric tons of metal in July, the highest monthly tally since April 2019.

China has stepped up domestic output of refined zinc this year, but the Shanghai market continues to be plagued by low inventory and tight time-spreads.

The Shanghai Futures Exchange (ShFE) zinc price is outperforming the London Metal Exchange (LME) price , opening an arbitrage import window through which increasing amounts of metal are now flowing.

This is part and parcel of a broader trend in the base metals sector. Sentiment is improving in China as local traders bet on more policy support for the property sector, while Western spirits remain damped by weak manufacturing activity.

Return to the import market
China was a consistent net importer of refined zinc over the last decade, but that changed in 2022.

Imports crashed from 434,000 tons in 2021 to just 79,000 last year. Exports, by contrast, mushroomed from 5,000 to 81,000 tons, meaning the country was a net exporter for the first time since 2007.

The tectonic shift in trade patterns was due to a combination of weak domestic demand and high physical premiums in Western markets hit by Covid-19 disruption and smelter closures in Europe.

China last year shipped zinc as far as Turkey and the US. Shipments of 3,300 tons to the US market were modest, but they were the first exports to the country since 2006.

Exports have all but evaporated so far this year, totalling just 5,000 tons in the first seven months.

Physical premiums in the West have significantly softened this year thanks to a partial recovery in European smelter output and weak demand.

Fastmarkets’ assessment of the premium for duty-paid metal in Antwerp has slid from a 2022 high of $525 per ton over LME cash to a current $300.

Now it is China that appears to be short of zinc.

Low inventory
ShFE registered stocks stand at a modest 43,181 tons. There was the usual seasonal rebuild around the lunar new year holiday period, but the March peak at just under 124,000 tons was well shy of last year’s April high of 179,000.

Low inventory has generated persistent tightness along the front part of the Shanghai forward curve. Cash has commanded a premium over forward months for most of the last year.

Off-market stocks, or “social inventory” as the Chinese call them, amounted to 81,500 tons across seven cities as of Aug. 25, according to local data provider Shanghai Metal Market (SMM).

That was down by 17,800 tons on the previous week, SMM attributing the drop to dip-buyers snapping up available metal.

Total visible and semi-visible zinc inventory in China is currently less than the amount sitting in the London Metal Exchange warehouse system, which currently holds 145,175 tons.

Mind you, the surge of metal into LME warehouses over early August looks set to go into reverse, with 64,000 tons of zinc cancelled in preparation for physical load-out over the last two weeks.

With LME stocks almost exclusively located in Singapore, Malaysia’s Port Klang and the Taiwanese port of Kaohsiung, it is quite possible this metal is destined for shipment to China to capitalize on the open arbitrage.

Chinese optimism
China’s physical need for more zinc is surprising, given the country’s smelters have boosted output this year after power-rationing and curtailments in 2022.

Cumulative national output was 3.78 million tons in the first seven months of this year, representing a year-on-year growth rate of almost 10%, according to SMM.

However, high premiums in the north of the country have sucked zinc out of Shanghai and the province of Guangdong, it said.

The entire mainland zinc supply chain is also restocking in anticipation of what is deemed to be a seasonal peak for construction activity.

Sentiment, however, holds the real key to the Shanghai premium.

The ShFE outright zinc price has been rallying since the middle of August, hitting its highest level since April on Thursday.

It’s not the only metal enjoying a tailwind from China’s accumulating policy measures to stimulate a struggling economy, particularly the troubled property sector.

The entire ShFE base metals complex has been outperforming the LME complex, according to analysts at Citi. (“Metal Matters”, Sept. 5, 2023)

Most Shanghai metals, like zinc, are in backwardation, creating a Chinese cash premium. A profitable physical import arbitrage is open across almost all the base metals, the bank notes.

Citi expects imports to have increased in August with the potential for more strength in the closing months of the year.

That will depend on forward premium structures in both Shanghai and London, which in turn hang on whether all the optimism about a recovery in China’s troubled property sector is justified.

The country’s trade in refined zinc may prove a useful mirror on that question over the next few months.

(The opinions expressed here are those of the author, Andy Home, a columnist for Reuters.)

(Editing by Jan Harvey)

https://www.mining.com/web/column-china ... -optimism/
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Re: Beleggen in zink

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Tycoon Agarwal’s India zinc arm to pay $305 million in dividends

Hindustan Zinc Ltd. will pay $305 million in dividends to shareholders ahead of its ultimate parent Vedanta Resources Ltd.’s $1 billion bond repayment due next month.

Billionaire Anil Agarwal’s Indian zinc maker will give 6 rupees a share, or a total of 25.4 billion rupees, in a second interim dividend for the financial year that started on April 1, the company said in an exchange filing Wednesday. It distributed almost 30 billion rupees in July and about 319 billion rupees in four tranches last year.

Agarwal’s London-based Vedanta Resources is grappling with a huge debt pile. It needs to pay about $3 billion over the next two years as some US currency bonds will mature. The company heavily relied on dividends from India-listed Vedanta Ltd. and Hindustan Zinc in the past.

The junk-rated mining conglomerate has approached investors to restructure some of its bonds, and plans to split its sprawling group to unlock better value for individual businesses.

Hindustan Zinc has been doling out dividends despite a tight net cash position. Its parent Vedanta Ltd. has only paid one round of dividends this fiscal year after an unprecedented five last year.

The Indian government has a stake of about 30% in the Rajasthan-based miner.

Shares of Hindustan Zinc rose as much as 2.2% Wednesday, while Vedanta Ltd. advanced 1.1%. The dollar bond of Vedanta Resources, due in January and August, gained ahead of Hindustan Zinc’s board meeting.

(By Swansy Afonso)

https://www.mining.com/web/tycoon-agarw ... dividends/
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Re: Beleggen in zink

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Fire damage, sanctions delay start of new Russia zinc mine

The start of zinc concentrate production at Russia’s new Ozernoye mine will be delayed until at least the third quarter of 2024 and a ramp-up to full capacity until 2025, the mine operator said on Monday.

The mine, which was originally due to start production by the end of 2023, was expected to be one of the main drivers of global mine production growth this year, industry association ILZSG said in October.

However, a fire damaged the imported equipment in a part of Ozernoye’s plant in November, while US sanctions imposed on the company in December have made it hard to find a replacement abroad, two sources familiar with the matter told Reuters.

“The flotation part of the plant with imported equipment was damaged in the fire. As a result, the technological scheme will be based on flotation equipment that the company has developed by its own design bureau,” the company told Reuters.

“The quality of concentrate will not be affected by these changes,” it added.

The project, which would be Russia’s largest zinc mine, is designed to produce up to 350,000 metric tons of zinc in zinc concentrate. It is already mining ore and stockpiling it until the plant is ready to process it.

Washington’s sanctions cemented Ozernoye’s dependence on future demand in top consumer China, where the construction sector, a major consumer of steel galvanised with zinc, has had patchy post-pandemic recovery.

Weak demand and the global market surplus, which the ILZSG estimated at 211,000 metric tons in January-November, have pushed zinc prices down 25% over the last 12 months.

Delayed Ozernoye’s production will not be able to materially change this picture. Macquarie said that its analysts had updated their estimates to reflect Ozernoye’s delay but still expect the global refined zinc market to remain in oversupply this year.

(By Polina Devitt and Julian Luk; Editing by Christina Fincher and by Sandra Maler)

https://www.mining.com/web/russian-zinc ... -least-q3/
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Re: Beleggen in zink

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Nexa Resources halts Peru zinc mine due to blockade

Latin America-focused Nexa Resources (NYSE: NEXA) has halted production at its Atacocha San Gerardo open pit zinc mine in Peru due to a road blockade by the Joraoniyoc community since earlier this week.

The zinc producer, controlled by Brazilian holding company Votorantim SA, said the obstruction of the road to access the mine has not have a material impact on Atacocha’s production to date.

Mine production has been suspended, and activities are limited to critical operations with a minimum workforce to ensure proper maintenance, Nexa said.

On a weekly basis, the Atacocha mine produces about 200,000 tonnes of zinc, which is less than 3% of the company’s total zinc production, it said.

Mining conflicts in Peru have risen over the past two years as empowered local communities increased demands under the administration of leftist ex-President Pedro Castillo, who was impeached in December 2022 and replaced by vice president Dina Boluarte.

Nexa itself has faced three recent road blockades at Atacocha. The first one, in March 2022, cost the miner 300 tonnes of lost zinc production. It was also affected by another blockage in August the same year, and one more in January 2023.

Nexa currently owns and operates five mines, four in Peru and five in Brazil.

Peru is the world’s no. 2 copper producer after Chile and an important producer of zinc.

https://www.mining.com/nexa-resources-h ... -blockade/
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Re: Beleggen in zink

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Column: Funds amass record bear bets on zinc as LME stocks jump

Fund managers have been scaling up short positions on zinc, betting that this year’s weakest base metals price performer has further downside.

Investment fund positioning is now the most bearish it’s been since the London Metal Exchange (LME) first launched its Commitments of Traders Report in 2018.

LME three-month zinc , currently trading around $2,400 per metric ton, is already down by 8% on the start of the year.

Zinc’s use in galvanized steel means it is heavily exposed to the fortunes of the ailing global construction sector, particularly that in China.

The global zinc market is generating a lot of surplus metal, some of which has just turned up in LME warehouses, lifting stocks to the highest level since June 2021.

More may be on the way judging by LME time-spreads but with the price now eating into the cost curve, just how much further can zinc fall?

Bear attack

Fund managers lifted short positions on the LME zinc contract to 60,492 contracts, or just over 1.5 million tons, as of the close of business last Friday. The previous record short positioning of 54,935 contracts occurred in August last year.

There are still plenty of investment funds keeping the faith with zinc after the LME price bounced off a six-month low of $2,278 on Feb. 12.

But even on a net basis the collective short of 18,012 contracts is still the largest since 2018, exceeding the previous point of maximum bearish positioning seen in February 2020, when China was leading the world into Covid-19 lockdown.

It’s worth noting that “other financial institutions”, covering index providers and insurance players, are still net long of zinc but at much reduced levels relative to the 2018-2021 period.

Zinc flood

The accumulation of speculative bear bets on the London zinc contract has played out in tandem with fast-rising LME warehouse stocks.

A total 72,750 tons of zinc were delivered onto LME warrant in Singapore between Feb. 6 and 16, lifting headline inventory to 228,500 tons. The last time LME stocks were so high was in the first half of 2021, when they peaked at 294,025 tons.

Global commodities trader Trafigura is reported to be delivering metal from off-exchange shadow storage into an on-exchange rent-sharing warehouse deal.

When LME stock movements become defined by warehousing dynamics, it’s a sure sign there’s a lot of surplus metal floating around, even if it’s not always visible.

The International Lead and Zinc Study Group estimates the global refined zinc market notched up a 204,000-ton supply-usage surplus last year and its most recent forecast in October was for an even bigger 367,000-ton glut this year.

More large-volume deliveries into the LME system are quite possible, if LME time-spreads are anything to go by.

The benchmark cash-to-three-month spread has moved into super-contango this week. It was valued at $42.50 per ton at Wednesday’s close, the widest it’s been in at least two decades.

Higher interest rates are of course a factor in the cost of carry but this week’s sudden widening in the spread structure looks ominous.

Into the cost curve

With market optics deteriorating, it’s not hard to see why investment funds are piling on the bear pressure.

But just how much more price downside is there?

The zinc price is already trading deep into the production cost curve. Analysts at Citi calculate that 90th percentile mine costs averaged $2,600 per ton last year.

Several mines have already gone into care and maintenance, most notably Boliden’s Tara mine in Ireland and Nyrstar’s Middle Tennessee complex.

Price-induced cutbacks and unexpected outages such as the fire at the new Ozerny mine in Russia have pushed the mined concentrates segment of the market into deficit.

Treatment charges, the fees levied by a smelter for converting concentrate into metal and a good indicator of raw materials availability, are currently assessed by price reporting agency Fastmarkets at $70-100 per ton over LME cash.

That’s a long way off last year’s benchmark of $274 per ton, which tells you how much concentrates availability has tightened over the last year.

Lower treatment charges squeeze smelter margins and there have already been casualties.

Nyrstar, which is owned by Trafigura, has placed its Budel plant in the Netherlands on care and maintenance. Low treatment charges have combined with low physical metal premiums and high power costs to undermine the smelter’s profitability.

This is all part and parcel of the building supply response to market oversupply and low prices.

It does, however, create a tension with all the new short positions being established by the fund community.

How this tension is resolved will in part depend on just how much more zinc makes its way from the storage shadows to the LME warehouse system.

(The opinions expressed here are those of the author, Andy Home, a columnist for Reuters.)

(Editing by David Evans)

https://www.mining.com/web/column-funds ... ocks-jump/
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