SMM, June 16:
Overnight, LME zinc opened at $3,591/mt, then fluctuated upward, hitting a high of $3,623/mt before pulling back all the way, dipping to a low of $3,568/mt during the session, and finally closed up at $3,584.5/mt, up $1.5/mt, or 0.04%. Trading volume decreased to 11,715 lots, and open interest increased by 4,047 lots to 246,000 lots. Overnight, LME zinc formed a bearish candlestick, with support from the 5-day moving average below. The US and Iran reached a memorandum of understanding, macro sentiment continued to improve, coupled with persistently low LME zinc inventory, LME zinc fluctuated at highs.
Overnight, the most-traded SHFE zinc 2608 contract opened at 24,840 yuan/mt. After opening, SHFE zinc moved sideways around the daily average line, hitting a high of 24,860 yuan/mt during the session. Near the end of trading, it dipped to a low of 24,785 yuan/mt, finally closing down at 24,820 yuan/mt, down 55 yuan/mt, or 0.22%. Trading volume decreased to 21,904 lots, and open interest increased by 761 lots to 79,941 lots. Overnight, SHFE zinc formed a bearish candlestick, with support from the 40-day moving average below. The US-Iran deal boosted macro sentiment, but on the fundamentals side, China's zinc ingot inventory recorded a slight increase again, and weak consumption dragged on zinc price performance. Amid the tug-of-war between longs and shorts, SHFE zinc is expected to fluctuate at highs.
Data source statement: Except for publicly available information, all other data are processed by SMM based on public information, market communication, and SMM's internal database models, for reference only and do not constitute decision-making advice.
