Delivered today, SHFE zinc fluctuated during the day [SMM zinc futures brief comment]

SMM News on June 16: The most-traded SHFE zinc 2507 contract opened at 21,880 yuan/mt. At the beginning of the trading session, bulls reduced their positions, causing SHFE zinc to quickly decline and oscillate below the daily average line. Subsequently, shorts reduced their positions, and SHFE zinc fluctuated upward, reaching a high of 21,935 yuan/mt. It eventually closed up at 21,840 yuan/mt, gaining 25 yuan/mt or 0.11%. Trading volume decreased to 164,000 lots, and open interest fell by 6,896 lots to 116,000 lots. SHFE zinc recorded a bullish candlestick, with the 5-day moving average acting as resistance. According to SMM communications, as of Monday (June 16), the total zinc ingot inventory across seven locations tracked by SMM was 78,100 mt, a decrease of 3,600 mt from June 9 and an increase of 1,000 mt from June 12. Domestic inventory recorded an increase. Consumption showed some resilience but began to gradually weaken as the off-season approached, while supply pressure gradually increased. Zinc still had weak support, and it was expected to oscillate in the evening session.

During the day, the SHFE zinc 2506 contract opened at 21,925 yuan/mt and oscillated along the daily average line. It rallied at the end of the session, closing up at 22,100 yuan/mt, gaining 90 yuan/mt or 0.41%. Trading volume decreased by 255 lots to 370 lots, and open interest fell by 195 lots to 1,735 lots. The delivery volume was 8,675 mt, and the settlement price was 21,985 yuan/mt.

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