SMM, September 15:
In the daytime session, the most-traded SHFE zinc 2611 contract opened at 26,180 yuan/mt, edged up to 26,200 yuan/mt in early trading, then pulled back to a low of 26,005 yuan/mt. After rebounding from the low, it moved sideways in a narrow range and closed at 26,145 yuan/mt, down 65 yuan/mt, or 0.25%. Trading volume decreased to 47,162 lots, and open interest fell by 3,474 lots to 123,000 lots, forming a small bearish candlestick with a long lower shadow. Expectations for US Fed interest rate hikes and a weaker LME market weighed on SHFE zinc, but tight ore supply provided support for zinc prices. SHFE zinc is expected to maintain a fluctuating trend in the short term.
In the daytime session, the SHFE zinc 2609 contract opened at 26,100 yuan/mt, drifted lower after the open to a low of 25,960 yuan/mt, then rebounded from the low and closed at 26,065 yuan/mt, down 85 yuan/mt from the night session close, or 0.33%. Trading volume increased by 195 lots to 270 lots, and open interest decreased by 50 lots to 5,310 lots. Remaining open interest was equivalent to 26,550 mt, and the settlement price was 26,040 yuan/mt.
