SMM April 24 News:
The most-traded SHFE zinc 2506 contract opened at 22,530 yuan/mt. After the opening, bulls and bears engaged in a fierce battle, with SHFE zinc fluctuating around the daily average line. At the end of the session, shorts reduced their positions, leading to a slight upward movement in SHFE zinc, which finally closed at 22,590 yuan/mt, up 130 yuan/mt, a gain of 0.58%. The trading volume decreased to 180,000 lots, and the open interest dropped by 2,167 lots to 125,000 lots. SHFE zinc recorded a bullish candlestick, with the 20/60 daily average lines forming resistance above and the 5/10 daily average lines providing support below. According to SMM data, as of April 24, domestic social inventory recorded 85,800 mt, and the continuously declining inventory provided some support for zinc prices, pushing the center of SHFE zinc upward.
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