LME zinc stocks continued to record decreases, supporting LME Zinc [SMM Zinc Morning Comment]

Overnight, LME zinc prices opened at US$2,570/ton, rising to US$2,570.5/ton before plummeting to a low of US$2,548/ton. During the night trading period, it reached a high of US$2,573.5/ton, and finally closed up at US$2,559/ton, up US$9/ton, or 0.35%. Trading volume reduced to 6,175 lots, and open interest decreased by 1,434 lots to 215,000 lots. LME zinc inventories fell by 1,000 tons to 189,925 tons, a decrease of 0.52%. The U.S. JOLTs job vacancy data in December was higher than the expected 8.75 million, rising to 9.026 million, a three-month high. The swap market has reduced the probability of the Federal Reserve cutting interest rates in March to about 40%. The macro sentiment is bearish, and LME zinc prices is under pressure. LME zinc prices is expected to run weakly and fluctuate.
Overnight, the most active SHFE 2403 zinc contract opened at a low of 21,280 yuan/ton, and reached a high of 21,370 yuan/ton. It finally closed up at 21,350 yuan/ton, an increase of 20 yuan/ton, or a decrease of 0.09%. The trading volume was reduced to 28,694 lots, and the position was reduced by 792 lots to 82,622.