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Tight Raw Materials Continue to Support Zinc Prices, SHFE Zinc Fluctuates Strongly [SMM Morning Comment]

iconJun 21, 2024 09:50
Source:SMM
Overnight, LME zinc opened at $2,860/mt, fluctuated around the daily moving average at the beginning, then quickly fell to a low of $2,831/mt, rebounded and rose to a session high of $2,888.5/mt, and finally closed up at $2,868.5/mt, up $3/mt, or 0.1%, with trading volume reduced to 5,232 lots and open interest reduced by 1,078 lots to 231,000 lots.

Overnight, LME zinc opened at $2,860/mt, fluctuated around the daily moving average at the beginning, then quickly fell to a low of $2,831/mt, rebounded and rose to a session high of $2,888.5/mt, and finally closed up at $2,868.5/mt, up $3/mt, or 0.1%, with trading volume reduced to 5,232 lots and open interest reduced by 1,078 lots to 231,000 lots. Overnight, LME zinc recorded a bullish candlestick, with the 10-day moving average providing support. LME zinc stocks decreased by 2,725 mt to 244,375 mt, down 1.1%. Signs of cooling in the US job market and poor housing market data indicated a slowdown in the US economy, boosting market confidence in a US Fed rate cut this year. LME zinc first fell and then rose, with its center of gravity slightly moving upwards.

Overnight, the most-traded SHFE zinc contract (2408) opened at RMB 23,840/mt, fell to a low of RMB 23,790/mt at the beginning, then fluctuated upwards to a session high of RMB 24,000/mt, and finally closed up at RMB 23,980/mt, up RMB 140/mt, or 0.59%, with trading volume reduced to 73,571 lots and open interest increased by 1,712 lots to 94,522 lots. Overnight, SHFE zinc recorded a bullish candlestick, with the 5-day moving average providing support. Boosted by overseas sentiment and the continued tight raw material logic, SHFE zinc fluctuated strongly.

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