SHFE Zinc Fluctuates Downward, Awaiting Further Macro Guidance [SMM Zinc Futures Brief Review]

SMM, January 3: The most-traded SHFE zinc 2502 contract opened at 24,800 yuan/mt. At the beginning of the session, bulls reduced their positions, causing SHFE zinc to fluctuate downward. Subsequently, the center of SHFE zinc fluctuated rangebound around 24,600 yuan/mt, with a low of 24,535 yuan/mt during the session. It eventually closed down at 24,665 yuan/mt, a decrease of 600 yuan/mt or 2.37%. Trading volume increased to 208,000 lots, while open interest decreased by 15,934 lots to 115,000 lots. Overnight, SHFE zinc recorded a bearish candlestick, with the 5-day and 20-day moving averages forming resistance above. Currently, domestic spot supply has declined, zinc prices are fluctuating downward, and the strong rally in the US dollar index has created some resistance to zinc price increases. Further macroeconomic data is awaited for guidance.

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