[SMM Zinc Early Review] LME zinc prices rebounded overnight

The most active SHFE zinc contract lost $5.5/mt or 0.24% to settle at 2,296.5 yuan/mt in overnight trading. Trading volumes decreased 10,739 lots, and open interest increased 3,851 lots to 204,000 lots. LME zinc inventory increased by 1,025 mt to 142,775 mt, an increase of 0.72%.

Overnight, the number of Americans filing for unemployment benefits fell last week. The labour market continued to support the economy. Worries about high interest rates caused US stocks to fall. Inflationary pressures remained.

The most active SHFE 2310 zinc contract prices closed at 19,865 yuan/mt last evening, up 85 yuan/mt or 0.43%. Trading volume fell to 49,569 lots, and open interest gained by 2,412 lots to 92,071 lots. Overnight, the domestic real estate policy and the central bank’s exchange rate stabilization policy, the yuan rebounded. Non-ferrous metals prices rebounded accordingly.