US dollar index strengthens, SHFE zinc pulls back during the day [SMM Zinc Futures Brief Review]

SMM, March 21:

The most-traded SHFE zinc 2505 contract opened at 23,840 yuan/mt. After opening, SHFE zinc fluctuated, reaching a high of 23,935 yuan/mt, then slid to a low of 23,705 yuan/mt. Near the end of the session, SHFE zinc slightly rebounded, closing down at 23,770 yuan/mt, a decrease of 70 yuan/mt or 0.29%. Trading volume increased to 109,000 lots, and open interest rose by 658 lots to 109,000 lots. SHFE zinc recorded a negative candle, with the Bollinger Bands midline exerting pressure. The US dollar continued to strengthen, suppressing the performance of non-ferrous metals. During the day, SHFE zinc also pulled back. As the expectation of increased zinc ingot supply continues to materialize, the upside for zinc prices may be limited.

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