Overnight, LME zinc opened at US$2,512/ton and touched a high of US$2,523/ton. During the European trading session, the LME zinc fluctuated all the way down, reaching a low of US$2,437/ton at the end of the day, and finally closed down at US$2,438.5/ton, down $81/ton, or 3.21%. Trading volume decreased by 1,256 lots to 9,589 lots, and open interest decreased by 1,318 lots to 201,000 lots. LME stocks decreased by 1,575 tons to 222,700 tons, a decrease of 0.70%. The U.S. dollar index rebounded. U.S. factory orders in October was lower than expected and recorded -3.6%, the lowest level since April 2020.
Overnight, the most-traded SHFE 2401 zinc contract opened at 20680 yuan/mt and touched a high of 20745 yuan/mt before closing at 20555 yuan/mt, down 285 yuan/mt or 1.37%. Trading volume decreased 47784 to 44,300 lots, and open interest increased by 3460 lots to 89,800 lots.
SMM zinc morning comment
Overnight, LME zinc opened at US$2,512/ton and touched a high of US$2,523/ton. During the European trading session, the LME zinc fluctuated all the way down, reaching a low of US$2,437/ton at the end of the day, and finally closed down at US$2,438.5/ton, down $81/ton, or 3.21%. Trading volume decreased by 1,256 lots to 9,589 lots, and open interest decreased by 1,318 lots to 201,000 lots. LME stocks decreased by 1,575 tons to 222,700 tons, a decrease of 0.70%. The U.S. dollar index rebounded. U.S. factory orders in October was lower than expected and recorded -3.6%, the lowest level since April 2020.
Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.
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