China zinc concentrate TCs reduced, SHFE zinc rose slightly [SMM zinc morning comment]

Published: Apr 22, 2024 09:56

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Last Friday, LME zinc prices opened at $2811.5/mt, hitting a low and high of $2803.5/mt and $2863/mt respectively, and closed at $2851/mt, up $36/mt or 1.28%. Trading volume decreased to 11612 lots, and open interest grew 1030 lots to 240,000 lots. LME zinc inventory decreased by 850 mt or 0.33% to 256200 mt. Overseas economic data are good, market macro sentiment continues, and London zinc has risen again. Pay attention to the annual rate data of the US core PCE price index in March to be released this week.

Last Friday, the most active SHFE 2406 zinc contract opened at 22775 yuan/ton.It touched of 22900 yuan/ton and a low of 22585 yuan/ton, and finally closed up at 22805 yuan/ton, up 200 yuan/ton, or 0.88%. The trading volume decreased to 126,000 lots, and open interest increased by 2837 lots to 123,000 lots. Last Friday, SMM weekly zinc concentrate TC was lowered again. The supply-side shortage logic continued. The expectation of improvement in domestic macro demand remained. Although spot consumption was not strong, SHFE zinc moved at highs.

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