【SHFE Zinc Registers Negative Bar: Focus on Tariff Dynamics 】
SMM, April 2:
The most-traded SHFE zinc 2505 contract opened at 23,305 yuan/mt. At the beginning of the session, the bulls increased their positions, causing the SHFE zinc to fluctuate upward above the daily average line. Subsequently, a fierce battle between the bulls and bears ensued, with the center of SHFE zinc fluctuating around 23,400 yuan/mt. It eventually closed at 23,380 yuan/mt, down 235 yuan/mt, a decrease of 1%. The trading volume increased to 191,000 lots, and the open interest rose by 2,027 lots to 111,000 lots. The SHFE zinc recorded a negative bar, with various moving averages exerting pressure above. The expectation of incremental domestic fundamentals remains, and the spot trade atmosphere has improved recently. Overseas tariff disturbances persist, while social inventory continues to destock. It is expected that zinc prices will mainly fluctuate in the short term, and subsequent attention can be paid to the dynamics of "reciprocal tariffs."
