SMM, Aug 23: US Fed officials made intensive statements; the latest US economic data was mixed; Blinken proposed Egypt's participation in the Philadelphia Corridor peacekeeping force; new rules for offline IPOs will be implemented starting October 1; the current domestic retail price cap for refined oil products will not be adjusted; regulatory authorities further standardized internet insurance business.
Overnight, LME zinc opened at $2,852.5/mt, briefly fell to $2,840/mt after the opening, then rebounded to run near the daily moving average. During the midday session, LME zinc rose to a high of $2,882/mt, then fell back from highs, and near the close, the focus rose again to near the daily moving average, finally closing up at $2,857.5/mt, up $1.5/mt, an increase of 0.05%. Trading volume increased to 11,203 lots, and open interest increased by 759 lots to 211,000 lots. Overnight, LME zinc recorded a bullish candlestick, with the 5-day moving average providing support. LME zinc inventory decreased by 775 mt to 256,850 mt, a decline of 0.3%. S&P Global flash US August Manufacturing PMI recorded an eight-month low, indicating poor manufacturing data. Additionally, last week's initial jobless claims data was revised upward, indicating a cooling labour market, and the market's rate cut expectations continued. LME zinc maintained high levels.
Overnight, the most-traded SHFE zinc 2410 contract opened at 23,740 yuan/mt, rose after the opening, then fell back from highs to fluctuate below the daily moving average, hitting a low of 23,645 yuan/mt. Near the close, SHFE zinc surged again, reaching a night session high of 23,835 yuan/mt, finally closing up at 23,825 yuan/mt, up 155 yuan/mt, an increase of 0.65%. Trading volume decreased to 101,000 lots, and open interest increased by 7,806 lots to 120,000 lots. Overnight, SHFE zinc recorded a bullish candlestick, with the upper Bollinger Bands forming resistance. SMM reported on Thursday that zinc ingot social inventory continued to decrease, coupled with news of joint production cuts by smelters, which continued to boost market bullish sentiment, driving SHFE zinc to continue rising.
