SMM Zinc Market Morning Comment (Jul 22)

Published: Jul 22, 2024 09:30 (GMT+8)

Source: SMM

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Last Friday, LME zinc opened at $2,809.5/mt, reaching a high of $2,816/mt, then hitting a low of $2,768.5/mt, and eventually closed at $2,774/mt, down $23/mt, a decrease of 1.25%.

Last Friday, LME zinc opened at $2,809.5/mt, reaching a high of $2,816/mt, then hitting a low of $2,768.5/mt, and eventually closed at $2,774/mt, down $23/mt, a decrease of 1.25%. The trading volume decreased to 10,320 lots, and the open interest was reduced by 1,058 lots to 223,000 lots. Last Friday, LME zinc recorded a bearish candlestick, with LME inventory decreasing by 2,325 mt to 240,275 mt, a drop of 0.96%. The strong performance of the US economy pressured LME zinc downward. Concerns about zinc consumption emerged amid oversupply. It is expected that LME zinc will run weak today.

Last Friday, the most-traded SHFE 2409 zinc contract opened at 23,335 yuan/mt, briefly dipping to 23,325 yuan/mt, then reaching a high of 23,445 yuan/mt, and eventually closed at 23,355 yuan/mt, down 95 yuan/mt, a decrease of 0.41%. The trading volume decreased to 67,897 lots, and the open interest was reduced by 593 lots to 92,840 lots. Last Friday, SHFE zinc recorded a bullish candlestick. The 20th Third Plenary Session did not release more positive news, but domestic inventory continued to decrease. SHFE zinc is expected to fluctuate today.

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