The macroeconomic downturn and weak consumption put upward pressure on SHFE zinc [SMM zinc morning comment]

Overnight, LME zinc opened at US$2,810/ton, reaching a high of US$2,850/ton. Entering the night trading period, LME zinc fell rapidly and tested as low as US$2773.5/ton. It rose slightly at the end of the day and finally closed down at US$2815/ton, down US$10.5/ton, a decrease of 0.37%. The trading volume decreased by 224 lots to 12,257 lots, and positions increased by 1,609 lots to 239,000 lots. LME zinc inventories decreased by 925 tons to 257,050 tons, a decrease of 0.36%.
Overnight, the most-traded SHFE 2406 zinc contract opened at 22700 yuan/mt and fell to 22420 yuan/mt before closing at 22620 yuan/mt, down 140 yuan/mt or 0.62%. Trading volume decreased 142,000 to 117,000 lots, and open interest increased by 390 lots to 124,000 lots. Hawkish speed of the Fed and weak domestic consumption weighed on SHFE zinc.