SMM Zinc Morning Comments

Published: Sep 18, 2023 09:45 (GMT+8)

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Last Friday evening, LME zinc contract prices opened at 2572 yuan/mt and closed at 2515 yuan/mt, down 45 yuan/mt or 1.76%. Trading volume stood at 9737 lots, and open interest increased by 6908 lots to 217,000 lots.

LME inventories continued to fall by about 10,000 tons, driven by warehouses in Southeast Asia. There can be inflows of imported goods in China.

Last Friday evening, the most active SHFE 2310 zinc contract prices opened at 21875 yuan/mt and closed at 21705 yuan/mt, down 250 yuan/mt or 1.14%. Trading volume stood at 74,000 lots, and open interest decreased by 5380 lots to 99,000 lots. The market has returned to its fundamentals. As imported zinc arrives at the port and continues to flow in, the support for spot market weakens, and zinc prices may show a downward trend.

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