Macro Sentiment Remains Bearish, SHFE Zinc Center Shifts Downward [SMM Zinc Futures Brief Review]

SMM February 11 News: The most-traded SHFE zinc 2503 contract opened at 23,730 yuan/mt. At the beginning of the session, bulls reduced positions, causing SHFE zinc to quickly dip to 23,580 yuan/mt. Subsequently, bears reduced positions, leading to an upward shift in SHFE zinc's center, fluctuating and consolidating around the daily moving average. It eventually closed lower at 23,745 yuan/mt, down 60 yuan/mt or 0.25%. Trading volume decreased to 111,000 lots, and open interest fell by 1,003 lots to 915.4 million lots. SHFE zinc recorded a long small bullish candlestick. Fundamentally, mine supply remains relatively ample. On the macro front, market concerns over demand were influenced by tariff news. Attention can be paid to Powell's speech tonight, with SHFE zinc expected to mainly fluctuate in the evening.

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