Domestic Social Inventory Increase; Zinc Prices Continue Fluctuating 【SMM Zinc Futures Brief Review】

SMM March 10 News: The most-traded SHFE zinc 2504 contract opened at 23,905 yuan/mt. During the initial session, SHFE zinc fluctuated around the daily average line, reaching a high of 23,980 yuan/mt. Subsequently, as bulls reduced positions, SHFE zinc fluctuated downward below the daily average line, hitting a low of 23,735 yuan/mt. Later, with bears reducing positions, SHFE zinc slightly rebounded and ultimately closed down at 23,835 yuan/mt, a decrease of 125 yuan/mt or 0.52%. Trading volume decreased to 139,000 lots, and open interest fell by 7,074 lots to 82,546 lots. SHFE zinc recorded a bearish candlestick, with resistance from the 60-day moving average above and support from the 10-day moving average below. According to SMM data, as of this Monday (March 10), domestic social inventory saw an inventory buildup, mine supply gradually returned to normal, and downstream consumption had not fully recovered. Zinc prices lacked upward momentum. However, the current positive domestic macro sentiment provided some support for zinc prices. It is expected that zinc prices may continue to maintain a fluctuating trend in the short term, with the overall trend unchanged. Continuous attention should be paid to subsequent downstream demand.

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