SHFE Zinc Slight Rebound: Focus on Subsequent Fundamental Performance [SMM Zinc Futures Brief Review]

SMM March 19 News:

The most-traded SHFE zinc 2505 contract opened at 23,875 yuan/mt. After the opening, SHFE zinc fluctuated around the daily average line, hitting a low of 23,765 yuan/mt during the morning session. By the afternoon session, SHFE zinc moved upward to a high of 23,960 yuan/mt, then dropped back slightly, and finally closed with a gain at 23,895 yuan/mt, up 25 yuan/mt or 0.1%. Trading volume increased to 92,958 lots, while open interest decreased by 2,015 lots to 123,000 lots. SHFE zinc recorded a bullish candlestick, with the 5-day moving average forming resistance above. Recently, on the fundamentals side, the expectation of increased supply has continued to weigh on zinc prices, but seasonal consumption performance has provided some bottom support for zinc prices. During the day, SHFE zinc rebounded slightly from its low.

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