Bears Continue to Reduce Positions, SHFE Zinc Continues to Rise [SMM Zinc Futures Brief Review]

SMM, February 7:

The most-traded SHFE zinc 2503 contract opened at 23,650 yuan/mt. In early trading, SHFE zinc fluctuated and dipped to 23,620 yuan/mt, then climbed steadily, peaking at 24,105 yuan/mt during the midday session. It ultimately closed higher at 24,015 yuan/mt, up 380 yuan/mt or 1.61%. Trading volume increased by 46,158 lots to 103,000 lots, while open interest decreased by 5,029 lots to 93,049 lots. SHFE zinc formed a bullish candlestick, with support from the 10-day moving average below. The previous bearish sentiment overseas has been partially digested, coupled with the continued support from the low inventory buildup level during the Chinese New Year. Shorts continued to reduce positions, and SHFE zinc extended its gains during the day.

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