SHFE Zinc Records a Bearish Candle, Short-Term Trend May Remain Volatile [SMM Zinc Futures Brief]

SMM March 12 News: The most-traded SHFE zinc 2504 contract opened at 23,940 yuan/mt. At the beginning of the session, shorts reduced their positions, pushing SHFE zinc slightly upward. Subsequently, longs reduced their positions, causing SHFE zinc to pull back slightly, hitting a low of 23,855 yuan/mt, and finally closing higher at 23,870 yuan/mt, up by 30 yuan/mt or 0.13%. Trading volume decreased to 119,000 lots, and open interest fell by 3,084 lots to 76,418 lots. SHFE zinc recorded a bearish candlestick, with resistance from the 60-day moving average above and support from the 10-day and 40-day moving averages below. The recent recovery in downstream consumption remains unchanged, providing limited support for zinc prices. Meanwhile, expectations of ample supply on the mining side persist. However, the recent volatility in US tariff policies, coupled with a decline in the US dollar index and continuous external disturbances, suggests that zinc prices are expected to maintain a fluctuating trend in the short term.

》Subscribe to view SMM historical spot metal prices