China Inventory Slightly Increased, SHFE Zinc Recorded a Bullish Candlestick [SMM Zinc Futures Brief Review]

SMM April 7: The most-traded SHFE zinc 2605 contract opened at 23,590 yuan/mt, dipped to 23,490 yuan/mt after the opening, then rose as bears reduced positions, with the center shifting upward, touching a high of 23,730 yuan/mt near the close. It finally settled up at 23,730 yuan/mt, gaining 140 yuan/mt or 0.59%. Trading volume increased to 50,241 lots, while open interest decreased by 3,742 lots to 78,313 lots. SHFE zinc posted a bullish candlestick, with the 60-day moving average exerting pressure above and the 20-day moving average providing support below. Currently, there were considerable uncertainties on the macro front. Meanwhile, from a fundamental perspective, as of today, domestic social inventory edged up slightly, but zinc concentrate TCs in China remained under pressure and social inventory outside China trended lower, with the zinc price center shifting slightly upward.