Peak consumption season is expected to pass, SHFE zinc maintains fluctuating trend [[SMM] Zinc Futures Brief Comment]

SMM, April 29:

The most-traded SHFE zinc 2506 contract opened at 22,550 yuan/mt. During the morning session, SHFE zinc fluctuated upward, reaching a high of 22,610 yuan/mt before pulling back to the vicinity of the daily average line, touching a low of 22,500 yuan/mt. It eventually closed higher at 22,550 yuan/mt, up 20 yuan/mt or 0.09%. Trading volume increased to 60,574 lots, while open interest decreased by 2,836 lots to 115,000 lots. SHFE zinc recorded a doji candlestick, with the 20-day moving average providing support below. With ongoing macro uncertainties and the peak downstream consumption season soon to pass, SHFE zinc is expected to maintain rangebound fluctuations during the day.

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