Inventory Performance Diverges in and outside China, SHFE Zinc Maintains Fluctuating Trend [SMM SHFE Zinc Brief Review]

SMM April 9: The most-traded SHFE zinc 2605 contract opened at 23,720 yuan/mt. After the opening, bulls reduced positions and SHFE zinc dipped to 23,665 yuan/mt. Subsequently, bulls increased positions and the center of SHFE zinc rose to near the daily moving average, fluctuating around that level, touching a high of 23,835 yuan/mt during the session. Toward the close, bulls reduced positions and SHFE zinc fell back below the daily moving average, ultimately closing up 25 yuan/mt, a gain of 0.11%. Trading volume increased to 36,226 lots, and open interest decreased by 215 lots to 77,368 lots. SHFE zinc posted a bullish candlestick, with the 60-day moving average above exerting pressure and the 20/40-day moving averages below providing support. According to SMM data, as of today, social inventory in China increased, but domestic zinc TC declined. Meanwhile, zinc inventory outside China continued to decrease, and SHFE zinc maintained a fluctuating trend.