SHFE zinc recorded a bearish candlestick with no upper shadow, and it is expected to maintain a fluctuating trend in the short term. [SMM Zinc Futures Brief]

SMM April 22 News:

     The most-traded SHFE zinc 2506 contract opened at 22,295 yuan/mt. At the beginning of the session, shorts increased their positions, causing the contract to fluctuate downward and hit a low of 22,075 yuan/mt. Subsequently, shorts reduced their positions, allowing the contract to recover some of its losses and close at 22,285 yuan/mt, down 110 yuan/mt or 0.49%. Trading volume decreased to 162,000 lots, while open interest increased by 4,615 lots to 130,000 lots. SHFE zinc recorded a bearish candlestick with no upper shadow, with the 20/60 daily averages forming resistance above and the lower Bollinger Band providing support below. On one hand, expectations of a loose domestic supply remain, while on the other hand, downstream consumption lacks significant highlights, and overall macro uncertainty persists. Although subsequent smelting production faces maintenance, the intermittent opening of the import window may supplement supply. Zinc prices lack upward momentum and are expected to remain volatile in the short term.

》Order to view SMM metal spot historical prices