SMM, October 13:
The most-traded SHFE zinc 2611 contract opened at 25,950 yuan/mt. After the open, SHFE zinc consolidated, hitting a high of 25,950 yuan/mt in early trading and a low of 25,715 yuan/mt near the close, before settling down at 25,730 yuan/mt, down 250 yuan/mt or 0.96%. Trading volume increased to 68,235 lots, while open interest fell by 2,871 lots to 97,926 lots. SHFE zinc posted a bearish candlestick, with the 5-day moving average above acting as resistance. A strong US dollar continued to weigh on base metals, and downstream consumption on the fundamentals side showed mediocre performance, leaving SHFE zinc in the doldrums overall. It is expected to maintain a fluctuating trend in the short term.
