SMM, January 9:
The most-traded SHFE zinc 2502 contract opened at 23,945 yuan/mt, dipped to 23,875 yuan/mt in early trading, then slowly climbed above the daily moving average, reaching a high of 24,195 yuan/mt near the close. It eventually settled at 24,110 yuan/mt, up 160 yuan/mt or 0.67%. Trading volume decreased to 75,677 lots, and open interest fell by 2,517 lots to 101,000 lots. Overnight, SHFE zinc recorded a bullish candlestick, with resistance forming at the 5-day moving average. SMM reported on Thursday that zinc ingot inventory fell by 3,700 mt WoW to 58,000 mt. The persistently low inventory, combined with smelter costs, continued to provide some support for zinc prices, leading to a rebound in SHFE zinc from its lows.
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