SMM Zinc Morning Comment

Published: Nov 21, 2023 09:52

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LME zinc opened at $2557.5/mt on Monday night, touching a high and a low of $2589/mt and $2550/mt respectively. LME zinc rallied and closed up $14/mt or 0.55% to $2573/mt. The trading volume fell to 7381 lots, and open interest lost 225 lots to 205,000 lots. LME zinc inventory increased by 475 mt to 133525 mt, an increase of 0.36%. The continuous decline of the US dollar index boosted the trend of non-ferrous metals.

The most-traded SHFE 2401 zinc contract opened at 21370 yuan/mt overnight and fell to 21270 yuan/mt before rallying to a peak of 21420 yuan/mt. It eventually settled up 65 yuan/mt or 0.3%. Trading volume were 46838 lots, and open interest increased by 3008 lots to 84487 lots. According to customs data, 48,000 mt of refined zinc and 434,000 mt of zinc concentrate were imported in October, which are higher than the previous estimates. Subsequent imports are expected to remain high, and the pressure on the supply side is still high. There is limited room for zinc price recovery.

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