Downstream Enterprises Gradually Begin Holidays, SHFE Zinc Fluctuates Downward [SMM Zinc Futures Brief Review]

SMM, January 10:

The most-traded SHFE zinc 2502 contract opened at 24,125 yuan/mt. After the opening, SHFE zinc fluctuated around the daily moving average. Near midday, SHFE zinc edged downward to a low of 24,065 yuan/mt, then rebounded from the low and climbed to a high of 24,275 yuan/mt. Subsequently, SHFE zinc pulled back to near the daily moving average and finally closed higher at 24,145 yuan/mt, up 45 yuan/mt or 0.19%. Trading volume increased to 67,886 lots, while open interest decreased by 2,684 lots to 97,911 lots. Overnight, SHFE zinc recorded a bullish candlestick, with the 10-day moving average forming resistance above. Recently, zinc downstream sectors have gradually entered the holiday season, and subsequent consumption may continue to weaken. With insufficient fundamental support, SHFE zinc is expected to fluctuate downward.

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