SMM Morning Comment On Zinc Market July 25

SHANGHAI, Jul 25 (SMM) –LME zinc opened at $2379.5/mt on Monday and fell on poor macro data, but then rallied, closing up 1.57% at $2420/mt. Trading volume was 7700 lots and open interest fell 312 lots to 195,000 lots.

SHFE 2308 zinc contract opened at 20115 yuan/mt overnight, and closed up 1.12% at 20290 yuan/mt.  Trading volume was 114,000 lots and open interest rose 4720 lots to 119,000 lots.

The initial value of the manufacturing PMI in the euro zone in July was lower than the expected 43.5 and recorded 42.7. At the same time, it was lower than the previous value. The US dollar rose, sending LME zinc prices down, but zinc prices rallied rapidly.

In terms of spot goods, the social inventory of zinc ingots across seven major markets in China accumulated 124,200 mt. Since June, the inventory has maintained a slight accumulation trend, and the support for zinc prices has gradually weakened.

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