Bets on the Fed's interest rate cut in March decreased, macroeconomic sentiment is negative for zinc prices [SMM zinc morning comment]

Overnight, LME zinc opened at US$2,562.5/ton with the low-end of US$2,515/ton. It finally closed down at US$2,528/ton, down US$40/ton, or 1.56%. The trading volume increased to 10,439 lots, and the open interest increased by 1,858 lots to 217,000 lots. LME zinc inventories increased by 9,500 tons to 199,425 tons, an increase of 5%. ADP data showed that the United States increased 107,000 jobs in January, which was less than the expected increase of 150,000. The increase in December last year was revised downward to 158,000 people, the labor market is gradually cooling, and the macro sentiment was bearish. LME zinc is expected to run weakly in the short term.

Overnight, SHFE zinc prices opened as low as 21,200 yuan/ton, and it touched a high of 21,310 yuan/ton. As bulls took profit, SHFE zinc prices dropped to a low of 21,140 yuan/ton, and finally closed down at 21,145 yuan/ton, down 180 yuan/ton, or 0.84%. The trading volume decreased to 245,822 lots, and the open interest decreased by 1,604 lots to 79,968 lots. SHFE zinc prices are expected to be weak in the short term.