SMM, February 26:
The most-traded SHFE zinc 2504 contract opened at 23,600 yuan/mt. After the opening, SHFE zinc fluctuated rangebound near the daily moving average, hitting a high of 23,625 yuan/mt in early trading and dipping to a low of 23,520 yuan/mt at the start of the afternoon session. It eventually closed higher at 23,565 yuan/mt, up by 40 yuan/mt or 0.17%. Trading volume increased to 90,337 lots, while open interest decreased by 2,551 lots to 90,337 lots. SHFE zinc recorded a bearish candlestick, with support provided by the lower Bollinger Band. The supply from mines remained ample, offering weak fundamental support for zinc prices. Additionally, the previously optimistic macro sentiment has gradually been digested, leading to a continued slight softening in zinc prices. Attention should be paid to the subsequent demand performance.
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