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SMM Zinc Market Morning Comment (Mar 5)

iconMar 5, 2024 10:17
Source:SMM
Overnight, LME zinc opened at $2,423/mt, and moved up a high of $2,465/mt after a brief drop to $2,412/mt, and finally closed up $16.5/mt or 0.68% at $2,449/mt.

Overnight, LME zinc opened at $2,423/mt, and moved up a high of $2,465/mt after a brief drop to $2,412/mt, and finally closed up $16.5/mt or 0.68% at $2,449/mt. Trading volume decreased to 8,856 lots. Open interest dipped by 683 lots to 234,000 lots. Overnight LME zinc stocks dropped by 150 mt to 275,800 mt. Shrugging off weak US economic data, LME zinc prices still showed upward reaction to the falling US dollar index.

The most-traded SHFE 2404 zinc contract opened at 20,695 yuan/mt on Monday, and increased to 20,740 yuan/mt after a low of 20,665 yuan/mt, and finally closed up 130 yuan/mt or 0.63% at 20,715 yuan/mt. Trading volume decreased to 38,119 lots. Open interests drop by 3,102 lots to 102,000 lots. Positive expectations for the upcoming Two Sessions and demand hike offered a boost to SHFE 2404.

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