SMM, January 22: The most-traded SHFE zinc 2503 contract opened at 24,085 yuan/mt. In early trading, bears reduced positions, and SHFE zinc fluctuated upward, reaching a high of 24,253 yuan/mt above the daily moving average. Subsequently, bears increased positions, and SHFE zinc fluctuated downward, hitting a low of 24,115 yuan/mt. By the end of the session, SHFE zinc slightly recovered its losses and closed up at 24,115 yuan/mt, down 15 yuan/mt or 0.06%. Trading volume decreased to 10,743 lots, and open interest fell by 1,201 lots to 97,992 lots. SHFE zinc recorded a long upper shadow candlestick, with resistance from the 20-day moving average above and support from the 40/60-day moving averages below. Recently, rumors of specific US tariff increases on China have intensified, while downstream consumption has gradually shifted. SHFE zinc is expected to face short-term pressure and fluctuate within a range.
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