SMM Zinc Market Morning Comment (May 28)

Published: May 28, 2024 09:43

Source: SMM

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Overnight, LME zinc market was closed due to the UK Spring Bank Holiday.

Overnight, the most-traded SHFE zinc 2407 contract opened at 24,780 yuan/mt, briefly dipping to 24,710 yuan/mt, then peaking at 24,855 yuan/mt, and finally closed at 24,840 yuan/mt, up 125 yuan/mt, or 0.51%. Trading volume decreased to 63,950 lots, and open interest decreased by 86 lots to 122,000 lots. Overnight, SHFE zinc recorded three consecutive gains, with the upper Bollinger Bands forming resistance and the 5-day moving average turning into support. Due to geopolitical factors and weakening US dollar, prices of precious metals and crude oil surged again amid macro optimism, and non-ferrous metals sector rebounded across the board, with zinc prices shifting higher again.

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