SMM February 6 News:
The most-traded SHFE zinc 2503 contract opened at 23,210 yuan/mt, dipped to 23,180 yuan/mt in early trading, then climbed steadily to a high of 23,705 yuan/mt near the close, and finally settled at 23,675 yuan/mt, up 500 yuan/mt or 2.16%. Trading volume increased by 53,064 lots to 111,000 lots, while open interest decreased by 5,480 lots to 97,128 lots. SHFE zinc formed a long bullish candlestick, with resistance from the 10-day moving average. SMM's zinc ingot inventory across seven regions recorded 107,000 mt, with the inventory buildup during the Chinese New Year period hitting an eight-year low. The low inventory provided support for zinc prices, leading to a significant rebound from intraday lows.
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