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.
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.