Bulls Reduced Positions, SHFE Zinc Declined Significantly [SMM Zinc Futures Brief Review]

SMM, March 18:

The most-traded SHFE zinc 2505 contract opened at 24,070 yuan/mt, briefly hitting a high of 24,110 yuan/mt in early trading. After the opening, it trended downward, hitting a low of 23,725 yuan/mt near the close and finally settled at 23,770 yuan/mt, down 255 yuan/mt or 1.06%. Trading volume increased by 75,672 lots to 132,000 lots, while open interest decreased by 593 lots to 123,000 lots. SHFE zinc recorded a bearish candlestick, with support from the 40-day moving average below. As domestic zinc concentrate processing fees rise, domestic zinc smelters are more willing to increase production. Long positions in SH zinc were reduced, and funds continued to flow out, causing zinc prices to retreat significantly from their highs.

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