SHFE Zinc Records a Bearish Candle, May Maintain Fluctuating Trend in the Short Term [SMM Zinc Futures Brief]

SMM February 19 News: The most-traded SHFE zinc 2503 contract opened at 23,995 yuan/mt. In early trading, SHFE zinc fluctuated along the daily moving average. Subsequently, as bulls reduced positions, SHFE zinc fluctuated downward below the daily moving average, hitting a low of 23,865 yuan/mt. It then slightly recovered its losses and finally closed higher at 23,925 yuan/mt, up 45 yuan/mt or 0.19%. Trading volume decreased to 79,913 lots, and open interest fell by 4,110 lots to 67,758 lots. SHFE zinc recorded a bearish candlestick, with support provided by the 10-day and 20-day moving averages below. Currently, domestic consumption remains relatively weak, while supply is expected to remain relatively ample. Short-term fluctuations are anticipated.

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