SMM Zinc Morning Comment

Published: Feb 26, 2024 10:31

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Last Friday evening, LME zinc prices opened at $2390/mt and closed at $2416.5/mt, up $25/mt or 1.05%. The trading volume decreased to 7061 lots, and the open interest fell 1630 to 237,000 lots. LME zinc inventories decreased 100 mt to 268600 mt, a decline of 0.04%.
Last Friday, the SHFE 2404 zinc contract opened at 20,395 yuan/ton. After the opening, short positions increased. SHFE zinc reached a low of 20,295 yuan/ton, then reached an intraday high of 20,410 yuan/ton. It finally closed down at 20,380 yuan/ton, down 5 yuan/ton, or 0.02%. The trading volume reduced to 43,520 lots, and the open interest increased by 2,042 lots to 119,000 lots. From the fundamentals of the spot, domestic downstream production has not yet returned to normal, and most companies still have not started production during the week.

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