Base metals generally rose, with SHFE zinc shifting its focus upward [SMM Zinc Morning Comment]

Overnight, LME zinc opened at $3,035/mt. At the beginning of the session, LME zinc briefly dipped to $3,021/mt, and then longs increased their positions, causing LME zinc to fluctuate upward, reaching a high of $3,117.5/mt by the end of the session. It finally closed up at $3,110.5/mt, an increase of $77/mt or 2.54%. Trading volume increased to 11,433 lots, and open interest rose by 895 lots to 251,000 lots. Overnight, LME zinc recorded a large bullish candlestick, with LME inventory decreasing by 1,500 mt to 245,675 mt, a drop of 0.61%. On the macro front, the US Fed's interest rate cut expectations for November resurfaced, the US dollar weakened, and base metals generally rose. LME zinc shifted its focus upward, awaiting more macro guidance, and is expected to fluctuate at high levels today.

Overnight, the most-traded SHFE zinc 2412 contract opened at 25,100 yuan/mt. At the beginning of the session, SHFE zinc briefly dipped to 25,050 yuan/mt, and then longs increased their positions, causing SHFE zinc to fluctuate upward, reaching a high of 25,280 yuan/mt by the end of the session. It finally closed up at 25,240 yuan/mt, an increase of 175 yuan/mt or 0.7%. Trading volume decreased to 68,321 lots, and open interest rose by 2,589 lots to 106,000 lots. Overnight, SHFE zinc recorded a bullish candlestick, with macro sentiment resurfacing and the US Fed's interest rate cut expectations rising again. SHFE zinc shifted its focus upward, awaiting more macro guidance, and is expected to fluctuate at high levels today.