Domestic Supply Pressure Remained High, and the Center of SHFE Zinc Moved Lower [SMM Daily Zinc Commentary]
[China’s Supply Pressure Remained Relatively High, and the Center of SHFE Zinc Shifted Lower]: The most-traded SHFE zinc 2604 contract opened at 24,415 yuan/mt. In early trading, bulls reduced open interest, and SHFE zinc fluctuated downward to a low below 24,350 yuan/mt. As downward momentum proved insufficient, the center of SHFE zinc moved higher. It finally closed down at 24,385 yuan/mt, down 39 yuan/mt, or 0.12%. Trading volume fell to 74,804 lots, and open interest decreased by 527 lots to 74,220 lots.