Zinc Ingot Destocking Slows, SHFE Zinc Opens Lower with a Gap【SMM Zinc Morning Comment Dec 13】

US household net assets rose to record highs in Q3; Trump: For me, the stock market is everything; plans to do great things in the cryptocurrency sector; military officials: preparations are underway for a possible strike on Iran's nuclear facilities; the European Central Bank cut interest rates by 25 basis points as expected, Swiss National Bank significantly cuts rates by 50 basis points; sources: Bank of Japan likely to keep rates steady next week; Texas legislator proposes a bill to establish a strategic Bitcoin reserve within the state budget; Central Economic Work Conference: next year's focus will be on maintaining growth, employment, implementing a more proactive fiscal policy, moderately loose monetary policy, boosting consumption vigorously, improving investment returns, and comprehensively expanding domestic demand among nine major tasks. Chinese President Xi Jinping met with United Russia party chairman Medvedev in Beijing; Ministry of Commerce: open to engaging with the new US administration's economic and trade team.

Overnight, LME zinc opened at $3,119/mt, fluctuated rangebound around the daily moving average, touching a high of $3,143/mt before descending, probing a low of $3,064/mt towards the close, finally settling down at $3,080.5/mt, a decrease of $38.5/mt or 1.23%, with trading volume increasing to 9,925 lots, and open interest decreasing by 2,920 lots to 237,000 lots. Overnight, LME zinc recorded a bearish candle, with the upper Bollinger Band acting as resistance, LME zinc inventory decreased by 1,300 mt to 273,650 mt, a drop of 0.47%, US November PPI was up 3% YoY, higher than previous figures and market expectations, US dollar index rose again, and LME zinc's center continued to slide.

Overnight, the most-traded SHFE zinc 2501 contract opened at 25,790 yuan/mt, initially trading above the daily moving average, reaching a high of 25,805 yuan/mt before falling back from highs to below the daily moving average, probing a low of 25,590 yuan/mt and maintaining a fluctuating trend, finally closing down at 25,675 yuan/mt, a decrease of 290 yuan/mt or 1.12%, with trading volume increasing to 87,986 lots, and open interest decreasing by 10,993 lots to 131,000 lots. Overnight, SHFE zinc recorded a bearish candle, with the middle Bollinger Band providing support, the Central Economic Work Conference proposed implementing more active and effective macro policies, but specific measures still need further disclosure. Zinc ingot social inventory destocking showed a slowdown Thursday, and downstream consumption may gradually weaken, so SHFE zinc opened lower with a gap, continuing to slide in center.