SMM April 14:
The most-traded SHFE zinc 2605 contract opened at 23,720 yuan/mt. After the opening, SHFE zinc fluctuated higher, touching a low of 23,645 yuan/mt during the session and reaching a high of 23,800 yuan/mt near the close, ultimately closing up at 23,790 yuan/mt, gaining 80 yuan/mt or 0.34%. Trading volume decreased to 36,840 lots, and open interest fell by 1,303 lots to 73,361 lots. SHFE zinc posted a bullish candlestick, with the 5-day moving average providing support below. The US dollar index pulled back, and zinc prices rose intraday. On the fundamentals side, both bullish and bearish factors coexisted. Zinc concentrates remained tight, but supplemented by by-product profits, domestic smelters maintained high production enthusiasm. Meanwhile, downstream zinc consumption showed no outperformance beyond expectations, and fundamentals provided no significant boost to zinc prices. Continued attention should be paid to subsequent macro developments.
