SMM January 13 News:
The most-traded SHFE zinc 2502 contract opened at 24,215 yuan/mt. In early trading, bears reduced positions, and SHFE zinc fluctuated upward, reaching a high of 24,360 yuan/mt. In the afternoon, bears increased positions, and SHFE zinc declined all the way to a low of 24,090 yuan/mt. Subsequently, bears took profits and exited, causing SHFE zinc's center to move upward near the daily moving average, fluctuating and consolidating. It finally closed with a gain at 24,290 yuan/mt, up 145 yuan/mt or 0.6%. Trading volume increased to 152,000 lots, while open interest decreased by 1,735 lots to 96,186 lots. SHFE zinc recorded a small bearish candlestick. According to SMM, as of this Monday (January 13), the total zinc ingot inventory across SMM's seven regions stood at 61,000 mt, down by 700 mt compared to January 6 but up by 3,000 mt compared to January 9, indicating an increase in domestic inventory. From a fundamental perspective, although demand weakened and social inventory increased, slight disruptions at the mine end and a general rise in non-ferrous metals supported zinc prices. SHFE zinc is expected to fluctuate and consolidate tonight.
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