Zinc Ingot Inventory Buildup Continues, SHFE Zinc Fluctuates at High Levels [SMM Zinc Futures Brief Review]

Published: Feb 24, 2025 17:19

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[Zinc Ingot Inventory Buildup Continues, SHFE Zinc Fluctuates at High Levels]: The most-traded SHFE zinc 2504 contract opened at 24,115 yuan/mt, surged immediately after the opening, then quickly declined, fluctuating considerably around the daily moving average. It hit a low of 23,915 yuan/mt during the midday session and ultimately closed down at 23,990 yuan/mt, a decrease of 140 yuan/mt or 0.58%. Trading volume increased to 86,975 lots, and open interest rose by 90 lots to 81,862 lots....

SMM, February 24: The most-traded SHFE zinc 2504 contract opened at 24,115 yuan/mt, surged at the opening, then quickly declined, fluctuating considerably around the daily moving average. It hit a low of 23,915 yuan/mt during the midday session and finally closed down at 23,990 yuan/mt, a decrease of 140 yuan/mt or 0.58%. Trading volume increased to 86,975 lots, and open interest rose by 90 lots to 81,862 lots. Overnight, SHFE zinc recorded a bearish candlestick, with support provided by the 20-day moving average below. On Monday, SMM zinc ingot inventory across seven regions increased WoW to 145,600 mt. Coupled with the fact that post-holiday downstream consumption has not fully recovered, the short-term supply surplus in the fundamentals persists, leaving zinc prices with insufficient upward momentum and hovering at highs. Attention should be paid to subsequent consumption performance. 》Subscribe to View SMM Historical Spot Metal Prices

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