SMM, April 20:
Last Friday, LME zinc opened at $3,421.5/mt. After the opening, LME zinc fluctuated upward, dipping to a low of $3,413/mt early in the session and reaching a high of $3,482/mt during the session. Zinc prices then retreated from highs and fell below the daily moving average, ultimately closing up at $3,429/mt, gaining $8.5/mt or 0.25%. Trading volume rose to 12,493 lots, and open interest increased by 2,566 lots to 222,000 lots. Last Friday, LME zinc posted a bullish candlestick, with the upper Bollinger Bands rail forming resistance. Iran announced the opening of passage through the Strait of Hormuz, reigniting market optimism. The US dollar index softened, and zinc prices continued to rise accordingly, with the LME zinc center shifting upward.
Last Friday, the most-traded SHFE zinc 2605 contract opened at 24,190 yuan/mt. After the opening, SHFE zinc hovered at highs, touching a high of 24,395 yuan/mt early in the session and dipping to a low of 24,140 yuan/mt near the close, ultimately closing up at 24,230 yuan/mt, gaining 160 yuan/mt or 0.66%. Trading volume rose to 51,704 lots, and open interest increased by 7,161 lots to 77,141 lots. Last Friday, SHFE zinc posted a bullish candlestick, with the lower Bollinger Bands rail providing support. Macro sentiment improved, and LME price movements boosted SHFE. Coupled with the continued tightness in China's zinc concentrates supply and the ongoing decline in zinc concentrate TCs, SHFE zinc rose during the night session and is expected to hover at highs in the short term.
Data source disclaimer: Data other than publicly available information is derived from public information, market communication, and SMM's internal database models, processed by SMM for reference only and does not constitute decision-making advice.
