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

SMM March 18 News:

The most-traded SHFE zinc 2505 contract opened at 24,070 yuan/mt, initially reaching a high of 24,110 yuan/mt. After the opening, it trended downward, hitting a low of 23,725 yuan/mt near the close and ultimately settled at 23,770 yuan/mt, down by 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 formed a bearish candlestick, with support from the 40-day moving average below. As domestic zinc concentrate TCs rose, domestic zinc smelters showed stronger production willingness. SHFE zinc longs reduced positions, funds continued to flow out, and zinc prices pulled back significantly from their highs.

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