Macro sentiment continues, SHFE zinc opens lower [SMM Zinc Morning Comment Nov 13]

US Fed's Kashkari: Interest rate cuts may be paused under certain circumstances; OPEC downgrades global demand growth forecast again; Israeli Defense Minister: No ceasefire in Lebanon; Experts: Stable real estate tax policy may be introduced soon; From 2025, two more statutory holidays will be added.

Overnight, LME zinc opened at $2,979/mt, briefly fluctuated and reached a high of $2,990/mt at the beginning of the session, then fell all the way to a low of $2,916/mt at midday. It then rebounded to near the daily average line and fluctuated rangebound near the close, finally closing down at $2,946.5/mt, down $33.5/mt, a decrease of 1.12%. Trading volume increased to 10,829 lots, and open interest decreased by 1,451 lots to 244,000 lots. Overnight, LME zinc recorded a bearish candlestick, with the 5-day moving average forming resistance above. LME zinc inventory increased by 1,025 mt to 245,525 mt, an increase of 0.42%. The US dollar index continued to rise, putting pressure on LME zinc prices, and the previous bearish sentiment in the market continued, causing LME zinc to decline.

Overnight, the most-traded SHFE zinc 2412 contract opened at 24,710 yuan/mt, initially dipped to 24,705 yuan/mt, then fluctuated around the daily average line, reaching a high of 24,845 yuan/mt during the session, and finally closed down at 24,735 yuan/mt, down 115 yuan/mt, a decrease of 0.46%. Trading volume decreased to 61,350 lots, and open interest increased by 226 lots to 104,000 lots. Overnight, SHFE zinc recorded a bullish candlestick, with the lower Bollinger Band providing support. The bearish sentiment in the market has not yet eased, coupled with the drag from the overseas market, causing SHFE zinc to open lower and fluctuate downward.