LME zinc prices opened at $2446/mt last Friday evening and closed up $5/mt or 0.2% at $2447/mt, with the low-end of $2433/mt. Trading volume rose to 7209 lots, and open interest increased by 607 lots to 221,000 lots. LME zinc inventory decreased by 250 mt to 86775 mt. Last Friday, under the strength of the US dollar and concerns about high interest rates, LME zinc was under pressure. The contango of LME 0-3 remained, indicating that overseas consumption was still weak and LME zinc was running weakly.
The most active SHFE 2311 zinc contract prices opened at 21215 yuan/mt and lost 15 yuan/mt or 0.07% to settle at 21140 yuan/mt in overnight trading with the high-end of 21305 yuan/mt and the low-end of 21075 yuan/mt. Trading volumes decreased to 97005 lots and open interest fell 2003 lots to 95271 lots. Overall, given the poor performance of the macroeconomic environment, the output of smelters in the industry is expected to reach a high level during the year, while downstream consumption has not yet seen a seasonal peak season. The overall price continues to have insufficient impetus. The market mainly maintains range-bound fluctuations.
