SMM Zinc Morning Comment: U.S. CPI rebounded more than expected in December, SHFE zinc fluctuated at low levels

Overnight, LME zinc prices opened at US$2,508/ton, with a high of US$2,532/ton and a low of US$2498.5/ton. Prices finally closed at US$2,506/ton, up US$2.5/ton, or 0.1%. The trading volume decreased by 1,476 lots to 7,507 lots, and the open interest increased by 198 lots to 210,000 lots. LME zinc inventory fell by 1,550 tons to 213,675 tons, a decrease of 0.72%. Federal Reserve officials stated in their speech that they would not prejudge that the United States would cut interest rates in March, further reducing market expectations.
Overnight, the most-traded SHFE 2403 zinc contract opened at 21160 yuan/mt and fall to a low of 21050 yuan/mt before closing at 21075 yuan/mt, down 30 yuan/mt or 0.14%. Trading volume decreased to 21415 lots, and open interest increased by 3503 lots to 65076 lots.