Consumption expectations are weak, SHFE zinc is in the doldrums [[SMM Zinc Futures Brief Comment]]

SMM, May 7: The most-traded SHFE zinc 2506 contract opened at 22,420 yuan/mt. In the early session, SHFE zinc briefly rose to a high of 22,530 yuan/mt. Subsequently, bears increased their positions, causing SHFE zinc to fluctuate downward throughout the session, with the closing price marking the intraday low. The contract eventually closed at 22,210 yuan/mt, down 145 yuan/mt or 0.65%. Trading volume increased to 156,000 lots, while open interest rose by 4,986 lots to 117,000 lots. SHFE zinc recorded a bearish candlestick with a long upper shadow and no lower shadow. Macro side, domestic meetings largely met expectations, with mine supply expected to remain loose in May. Although some smelters are anticipated to undergo maintenance in May, the opening of the import window allows for the supplementation of imported zinc ingots. However, consumption expectations remain weak, keeping SHFE zinc in the doldrums.

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