Overnight, LME zinc opened at $2,557/mt, and crept down to a low of $2,525/mt after hitting a high of $2,576.5/mt, and finally closed down $37.5/mt or 1.46% at $2,528.5/mt. Trading volume increased to 9,154 lots. Open interest dipped by 940 lots to 229,000 lots. Overnight LME zinc stocks added 775 mt or 0.29% to 264,900 mt. US economic data showed resilience, and market participants bet on a delay in interest rate cuts.
The most-traded SHFE 2405 zinc contract opened at 21.335 yuan/mt on overnight, and decreased to a low of 21,275 yuan/mt after a high of 21,500 yuan/mt, and finally closed down 70 yuan/mt or 0.33% at 21,305 yuan/mt. Trading volume decreased to 56,603 lots. Open interests grew 2,981 lots to 106,000 lots. A 10,000 mt rise in social stocks amid muted demand and weak real estate data added bearishness into SHFE 2405 zinc contract prices.
