Zinc Ingot Social Inventory Increases Again, SHFE Zinc Fluctuates Downward [SMM Zinc Morning Comment Nov 12]

Published: Nov 12, 2024 09:36 (GMT+8)
Source: SMM
Overnight, LME zinc opened at $2,990/mt, fluctuated widely around the daily moving average after the opening, reached a high of $3,026/mt during the session, fell below the daily moving average in the night session, and hit a low of $2,968.5/mt near the close, finally closing down at $2,980/mt, down $4/mt, a decrease of 0.13%.

The Israeli cabinet agreed on the framework of a ceasefire agreement with Lebanon; Israeli Defense Minister: Israel may achieve its most important goals; Shigeru Ishiba was re-elected as the Prime Minister of Japan; The world's largest gold ETF experienced the largest weekly capital outflow since 2022; Pan Gongsheng: Improve policy tools to deal with abnormal fluctuations in the stock market; The cumulative increase in social financing in the first ten months was 27.06 trillion yuan; Ministry of Commerce: Implement temporary anti-dumping measures on EU brandy imports; Shenzhen plans to increase the maximum amount of provident fund loans.

Overnight, LME zinc opened at $2,990/mt, fluctuated widely around the daily moving average after the opening, reached a high of $3,026/mt during the session, fell below the daily moving average in the night session, and hit a low of $2,968.5/mt near the close, finally closing down at $2,980/mt, down $4/mt, a decrease of 0.13%. Trading volume decreased to 9,890 lots, and open interest increased by 2,744 lots to 246,000 lots. Overnight, LME zinc recorded a bearish candlestick, with support provided by the lower Bollinger Band. LME zinc inventory decreased by 725 mt to 244,500 mt, a decrease of 0.3%. The US dollar index continued to rise, and market concerns about future demand remained unresolved, putting pressure on LME zinc prices.

Overnight, the most-traded SHFE zinc 2412 contract opened at 24,860 yuan/mt, initially dipped to 24,860 yuan/mt, then fluctuated upward to a midday high of 25,150 yuan/mt, before falling back from highs to below the daily moving average, maintaining a fluctuating trend near the close, and finally closing down at 24,900 yuan/mt, down 75 yuan/mt, a decrease of 0.3%. Trading volume decreased to 74,118 lots, and open interest increased by 1,966 lots to 102,000 lots. Overnight, the most-traded SHFE zinc contract recorded a bullish candlestick, with resistance formed by the 60-day moving average. Macro factors continued to pressure zinc prices, and SMM reported on Monday that zinc ingot inventory increased by 3,600 mt WoW to 123,600 mt. Weak spot cargo consumption persisted, and SHFE zinc also fluctuated downward.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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