SMM zinc morning comment

Published: Jan 2, 2024 09:55

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Last Friday, LME zinc opened at US$2,634/ton and reached a low of 2,629 yuan/ton. Entering the night trading period, LME zinc reached a high of US$2,675 and finally closed up at $2,662/ton, up $35/ton, or 1.33%. The trading volume decreased by 8 lots to 6,880 lots, and the open interest increased by 3,969 lots to 201,000 lots. LME zinc inventory increased by 2,700 tons to 224,825 tons, an increase of 1.22%. TCs of imported zinc concentrate were lowered, and the cost gave LME zinc support. But deliveries to LME warehouses suppressed market optimism, and LME zinc lacked upward momentum.

Last Friday, the SHFE zinc market was closed due to New Year's Day, and the night trading was suspended.

Market review

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