SMM Morning Comment For Zinc Market On January 30

Published: Jan 30, 2024 09:56

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Overnight, LME zinc opened at $2580/mt and hit a low of $2550/mt, closing down 1.12% at $2559/mt.

SHANGHAI, January 30 (SMM) –
Overnight, LME zinc opened at $2580/mt and hit a low of $2550/mt, closing down 1.12% at $2559/mt. Trading volume decreased to 6,432 lots, while open interest increased by 712 lots to 217,000 lots. LME zinc inventory fell by 675 mt to 190,925 mt, a decrease of 0.35%. The Dallas Fed Business Activity Index in January in the United States recorded -27.4, far lower than the expected value of -11.8 and the previous value of -10.4, a new low since June 2023. The U.S. index fell back after rising. Overnight, the SHFE-traded SHFE 2403 zinc contract opened at 21370 yuan/mt, with high at 21405 yuan/mt and then fell back before closing at 21360 yuan/mt, down 55 yuan/mt or 0.26%. Open interest fell 968 lots to 200,000 lots. The Spring Festival is approaching, downstream consumption is in the seasonal off-season, the spot market performance is weak, leaving SHFE zinc weak.

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