SMM March 13 News:
The most-traded SHFE zinc 2504 contract opened at 24,025 yuan/mt. At the beginning of the session, bulls increased their positions, pushing SHFE zinc upward to a high of 24,180 yuan/mt. Subsequently, profit-taking by bulls led SHFE zinc to decline below the daily average line, hitting a low of 23,990 yuan/mt. SHFE zinc then slightly recovered its losses and ultimately closed higher at 24,050 yuan/mt, up 180 yuan/mt or 0.75%. Trading volume increased to 131,000 lots, while open interest decreased by 3,649 lots to 72,769 lots. SHFE zinc recorded a bearish candlestick, with resistance from the 60-day moving average above and support from the 5-day and 40-day moving averages below. According to SMM data, as of this Thursday (March 13), domestic social inventory increased by 100 mt compared to Monday but remained at a relatively low level in recent years, providing some support for zinc prices. Downstream recovery has not yet ceased, and the "peak season" is still awaited. Zinc prices lack upward momentum and are expected to maintain a fluctuating trend in the short term. Attention should be paid to macroeconomic news and the strength of downstream recovery.
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