Inflow of Imported Zinc Ingots, SHFE Zinc Maintains Fluctuating Trend [[SMM] Brief Commentary on SHFE Zinc]

SMM News on April 28:

The most-traded SHFE zinc 2506 contract opened at 22,545 yuan/mt. In early trading, SHFE zinc fluctuated, reaching a high of 22,555 yuan/mt, then slipped slightly to a low of 22,380 yuan/mt. Subsequently, SHFE zinc rebounded from the lows to near the daily average line, closing down at 22,520 yuan/mt, down 30 yuan/mt or 0.13%. Trading volume increased to 88,673 lots, while open interest decreased by 1,741 lots to 118,000 lots. Recently, the import window for zinc ingots has opened, supplementing the domestic zinc ingot market supply with imported zinc ingots. Coupled with the insignificant performance of domestic downstream zinc exporters in scrambling for export orders, the market's concerns about future consumption persist, and zinc prices are in the doldrums.

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