Market Focuses on Tariff Hot Topic, SHFE Zinc May Fluctuate in the Short Term [SMM Zinc Futures Brief Review]

Published: Jan 22, 2025 17:01

Save

[Market Focuses on Tariff Hot Topic, SHFE Zinc May Fluctuate in the Short Term]: The most-traded SHFE zinc 2503 contract opened at 24,085 yuan/mt. At the beginning of the session, bears reduced positions, and SHFE zinc fluctuated upward above the daily moving average, reaching a high of 24,253 yuan/mt. Subsequently, bears increased positions, and SHFE zinc fluctuated downward to a low of 24,115 yuan/mt. By the end of the session, SHFE zinc slightly recovered its losses and closed up at 24,115 yuan/mt, down 15 yuan/mt or 0.06%. Trading volume decreased to 10,743 lots, and open interest fell by 1,201 lots to 97,992 lots...

SMM, January 22: The most-traded SHFE zinc 2503 contract opened at 24,085 yuan/mt. In early trading, bears reduced positions, and SHFE zinc fluctuated upward, reaching a high of 24,253 yuan/mt above the daily moving average. Subsequently, bears increased positions, and SHFE zinc fluctuated downward, hitting a low of 24,115 yuan/mt. By the end of the session, SHFE zinc slightly recovered its losses and closed up at 24,115 yuan/mt, down 15 yuan/mt or 0.06%. Trading volume decreased to 10,743 lots, and open interest fell by 1,201 lots to 97,992 lots. SHFE zinc recorded a long upper shadow candlestick, with resistance from the 20-day moving average above and support from the 40/60-day moving averages below. Recently, rumors of specific US tariff increases on China have intensified, while downstream consumption has gradually shifted. SHFE zinc is expected to face short-term pressure and fluctuate within a range.

》Subscribe to view SMM historical spot metal prices

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.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

24 mins ago

Zinc Ingot Inventory Decreases in SMM Regions, China's Stockpile Rises

【SMM Flash】According to SMM communication, as of this Monday (July 6), the total zinc ingot inventory across the seven SMM regions was 265,800 mt, a decrease of 3,500 mt from June 29 and an increase of 900 mt from July 2. China’s inventory increased.

24 mins ago

3 hours ago

LME Zinc Surge Drives SHFE Zinc Rise [SMM Zinc Morning Comment]

[SMM Zinc Morning Comment] Last Friday, the most-traded SHFE zinc 2608 contract opened at 24,400 yuan/mt. At the beginning of the session, it briefly dipped to a low of 24,340 yuan/mt. Subsequently, bulls added positions, and the contract drifted higher, hitting a high of 24,495 yuan/mt at the end of the session. It finally closed up at 24,470 yuan/mt, up 175 yuan/mt, or 0.72%. Trading volume decreased to 45,864 lots, while open interest increased by 494 lots to 90,804 lots.

3 hours ago

Rate hike expectations pull back, supporting the upward shift of LME zinc's center [SMM Morning Meeting Summary]

[SMM Morning Meeting Summary: Pullback in Rate Hike Expectations Supports LME Zinc Center Uptick] Last Friday, LME zinc opened at $3,471/mt, which marked the intraday low. Subsequently, bulls added to positions, and LME zinc climbed steadily, hitting a high of $3,549/mt near the end of the session. It finally closed up at $3,548/mt, up $75.5/mt, a gain of 2.17%. Trading volume dipped to 9,993 lots, while open interest increased by 2,517 lots to 271,000 lots.

3 hours ago