SMM zinc morning comment: zinc prices lacked upward momentum

Telah Terbit: Feb 28, 2024 09:59
Overnight, LME zinc prices opened at $2421/mt and closed at $2425/mt, down $4.5/mt or 0.19%.

Overnight, LME zinc prices opened at $2421/mt and closed at $2425/mt, down $4.5/mt or 0.19%. The trading volume decreased to 8070 lots, and the open interest grew 389 to 243,000 lots. LME zinc inventories decreased 125 mt to 268600 mt, a decline of 0.05%. Federal Reserve official Bowman said that cutting interest rates too early may trigger an interest rate increase. The macro is bearish.
Overnight, SHFE 2404 zinc contract opened at 20,650 yuan/ton, and finally closed flat at 20,560 yuan/ton. Trading volume was reduced to 12094 lots, and the open interest increased by 1049 lots to 64119 lots. There was no more news guidance on the spot fundamentals.

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