SMM March 4 News: The most-traded SHFE zinc 2504 contract opened at 23,645 yuan/mt. In early trading, shorts increased their positions, causing SHFE zinc to fluctuate downward, hitting a low of 23,490 yuan/mt. Later, longs entered the market, pushing SHFE zinc to fluctuate upward, with the center shifting to around 23,670 yuan/mt for consolidation. It eventually closed down at 23,645 yuan/mt, a decrease of 35 yuan/mt or 0.15%. Trading volume increased to 134,000 lots, and open interest rose by 1,434 lots to 85,427 lots. SHFE zinc recorded a bearish candlestick. The US tariff threats materialized, and Canada and Mexico, the largest exporters of galvanized sheets to the US, faced pressure on galvanized sheet export consumption. Coupled with environmental protection warnings in many northern regions, consumption expectations pulled back, causing the center of SHFE zinc to shift downward. SHFE zinc is expected to fluctuate in the evening session.
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