SHFE Zinc Center Continued to Move Lower Today, with Focus on Interest Rate Decisions Outside China and China’s Social Inventory [SMM Brief Commentary on Zinc Futures]

SMM News on March 18: The most-traded SHFE zinc 2605 contract opened at 23,470 yuan/mt. Bulls and bears engaged in fierce competition at the opening, and SHFE zinc fluctuated rangebound below the daily average line. During the session, SHFE zinc touched a high of 23,475 yuan/mt and a low of 23,260 yuan/mt, and finally closed down at 23,345 yuan/mt, down 110 yuan/mt or 0.47%. Trading volume increased to 55,115 lots, and open interest increased by 3,955 lots to 95,164 lots. SHFE zinc continued to post a bearish candlestick, with various moving averages above exerting resistance. Currently, fundamentals in China remain relatively weak, and there is certain resistance above prices. Attention can be paid to the US interest rate decision tomorrow and inventory changes in China.