Macro Bearish Sentiment Suppresses Zinc Prices [SMM Zinc Futures Brief Review]

SMM February 10 News: The most-traded SHFE zinc 2503 contract opened at 23,810 yuan/mt. In early trading, SHFE zinc briefly climbed, but then bulls reduced positions, causing SHFE zinc to fluctuate downward, hitting a low of 23,705 yuan/mt. Subsequently, bears reduced positions, leading SHFE zinc's center to move upward, consolidating around 23,790 yuan/mt. It eventually closed higher at 23,805 yuan/mt, up 10 yuan/mt or 0.04%. Trading volume decreased to 610.25 million lots, and open interest fell by 219 lots to 925.43 million lots. SHFE zinc recorded a long small bearish candlestick. As of February 10, SMM's total zinc ingot inventory across seven regions stood at 118,700 mt, up 48,300 mt from January 27 and up 11,700 mt from February 6. Domestic inventory increased, providing some support for SHFE zinc amid low inventory levels. Macro side, Trump's promise to impose a 25% import tariff on all steel and aluminum weighed on zinc prices. SHFE zinc is expected to fluctuate in the evening session.

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