SMM February 20 News: The most-traded SHFE zinc 2503 contract opened at 23,925 yuan/mt. In early trading, SHFE zinc fluctuated near the daily moving average. Subsequently, as bears reduced positions, SHFE zinc fluctuated upward above the daily moving average, peaking at 24,160 yuan/mt by the end of the session and closing higher at 24,145 yuan/mt, up 220 yuan/mt or 0.92%. Trading volume increased to 87,286 lots, while open interest decreased by 5,346 lots to 62,412 lots. SHFE zinc recorded a bullish candlestick, with resistance formed by the 40/60-day moving averages above and support provided by the lower Bollinger Band below. On the macro front, domestic macro policies currently show positive signals, and international tensions have eased. However, downstream consumption remains in a recovery phase. According to SMM communication, as of this Thursday (February 20), the total zinc ingot inventory across SMM's seven surveyed regions stood at 137,100 mt, an increase of 1,500 mt compared to February 17. Domestic inventory recorded an increase, and zinc prices are expected to maintain a fluctuating trend.
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