Macro Sentiment Improves, SHFE Zinc Rises [SMM Zinc Futures Brief]

SMM March 6: The most-traded SHFE zinc 2504 contract opened at 23,870 yuan/mt. At the beginning of the session, longs increased their positions, pushing SHFE zinc up to a high of 24,060 yuan/mt. Subsequently, shorts entered the market, and the center of SHFE zinc moved downward to oscillate around 24,000 yuan/mt. It finally closed at 24,000 yuan/mt, up 355 yuan/mt, with a gain of 1.5%. Trading volume increased to 165,000 lots, and open interest rose by 6,131 lots to 91,558 lots. SHFE zinc recorded a large bullish candle. The US February ADP employment data came in lower than expected, dragging down the US dollar, while positive news from the Two Sessions in China continued to boost sentiment. SHFE zinc saw a significant rise, and it is expected to mainly fluctuate at high levels in the evening session.