SMM February 12 News:
Overnight, LME zinc opened at $2,850/mt. During the early session, LME zinc fluctuated around the daily moving average, reaching a high of $2,850.5/mt. During the midday session, it declined steadily, hitting a low of $2,804.5/mt during the night session. Subsequently, LME zinc rebounded above the daily moving average and ultimately closed lower at $2,827.5/mt, down by $26.5/mt or 0.93%. Trading volume increased to 9,179 lots, while open interest decreased by 1,471 lots to 226,000 lots. Overnight, LME zinc recorded a bearish candlestick, with the 10-day moving average providing support below. The market continued to worry about the impact of new US tariffs, with macro sentiment remaining bearish. The US dollar index rose initially before pulling back, causing the center of LME zinc to shift downward.
Overnight, the most-traded SHFE zinc 2503 contract opened at 23,610 yuan/mt. At the beginning of the session, SHFE zinc dipped to 23,475 yuan/mt, then slowly fluctuated upward, reaching a high of 23,645 yuan/mt near the session's end. It ultimately closed lower at 23,640 yuan/mt, down by 105 yuan/mt or 0.44%. Trading volume decreased to 47,308 lots, while open interest increased by 1,292 lots to 92,832 lots. Overnight, SHFE zinc recorded a bullish candlestick, with the 10-day moving average forming resistance above. Macro sentiment also pressured SHFE zinc's performance, and downstream enterprises had not yet fully resumed production. Zinc ingot consumption remained weak, providing insufficient support for zinc prices, leading to a slight pullback in SHFE zinc's center.
