Fundamentals Coupled With Macro Factors Kept SHFE Zinc Hovering at Highs [SMM Zinc Morning Comment]
[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2604 contract opened at 24,460 yuan/mt. In early trading, increased long positions pushed the price up to 24,500 yuan/mt, after which SHFE zinc fell to a low of 24,385 yuan/mt. Toward the close, bulls reduced positions and exited, sending SHFE zinc slightly lower. It finally closed up at 24,425 yuan/mt, up 10 yuan/mt, or 0.04%. Trading volume decreased to 31,673 lots, and open interest increased by 433 lots to 75,180 lots.