Last Friday, LME zinc opened at $3,240.0/mt, dipped below $3,221.0/mt in early trading, then its center fluctuated upward at a slower pace. After entering the night session, it accelerated higher and touched above $3,343.0/mt, finally closing up at $3,323.0/mt, up $93/mt, a gain of 2.88%. Trading volume increased to 121,000 lots, while open interest decreased by 516 lots to 219,000 lots. Last Friday, LME zinc posted a bullish candlestick, with the 20-day moving average above capping it. As weak US non-farm payrolls data to some extent boosted market expectations for a US Fed interest rate cut, the US dollar index softened and LME zinc rose.
Last Friday, the most-traded SHFE zinc 2604 contract opened at 24,350 yuan/mt. In early trading, SHFE zinc fluctuated downward and dipped below 24,220 yuan/mt. Subsequently, bears reduced positions, the center of SHFE zinc moved higher, and it touched above 24,370 yuan/mt, finally closing at 24,330 yuan/mt, up 70 yuan/mt, a gain of 0.29%. Trading volume fell to 58,655 lots, while open interest decreased by 932 lots to 84,384 lots. Last Friday, SHFE zinc posted a bearish candlestick, with the 5/40-day moving averages above capping it. Domestic consumption has not fully recovered, and coupled with the continued increase in domestic social inventory recently, zinc prices remain capped on the upside.
Data source statement: Other data besides public information are processed by SMM based on public information and market communication, relying on SMM’s internal database model, for reference only and not constituting decision-making advice.
