Overnight, Lagarde: the period of inaction may exceed one meeting; the UN passed a resolution calling for a ceasefire in Gaza; sources: Ukrainian aircraft attacked Russian territory directly for the first time; Macron suffered a crushing defeat in the European Parliament vote; Apple announced new AI features; Wang Yi met with the Russian Foreign Minister; five companies completed IPOs during the Dragon Boat Festival holiday; domestic tourism during the Dragon Boat Festival holiday reached 110 million trips.
Overnight, LME zinc opened at $2,781/mt. At the beginning of the session, longs reduced positions, and LME zinc fell stepwise to a low of $2,737.5/mt. During European trading hours, longs increased positions, and LME zinc fluctuated upwards, moving up to $2,770/mt. Entering the night session, funds continued to enter the market, pushing LME zinc to a high of $2,895/mt, and finally closed up at $2,851/mt, up $79/mt, or 2.85%. Trading volume reduced to 11,921 lots, and open interest decreased by 2,039 lots to 237,000 lots. LME inventory was down 875 tons to 259,950 tons, a decrease of 0.34%. Last Friday, due to the strengthening of the US dollar and stronger-than-expected US employment index, LME zinc fell sharply. Later, due to the turmoil in the Middle East, recent risk aversion sentiment rebounded, and non-ferrous metals generally rose, driving LME zinc to rebound. It is expected that LME zinc will maintain fluctuations today.
Overnight, SHFE was closed due to the Dragon Boat Festival holiday.
