SMM, March 17:
The most-traded SHFE zinc 2505 contract opened at 24,160 yuan/mt. After the opening, SHFE zinc fluctuated upward, reaching a high of 24,260 yuan/mt, then pulled back all the way, hitting a low of 24,115 yuan/mt near the session's end. By the close, SHFE zinc rebounded from the low and ended up at 24,205 yuan/mt, an increase of 65 yuan/mt or 0.27%. Trading volume rose to 81,734 lots, and open interest increased by 4,723 lots to 124,000 lots. Overnight, SHFE zinc recorded a bullish candlestick, with support provided by the 5-day moving average below. Market expectations for production cuts at overseas smelters persisted. However, on Monday, SMM zinc ingot inventory increased again, coupled with a continued rise in domestic zinc concentrate TCs last week. The fundamentals provided insufficient support for zinc prices. Amid the tug-of-war between longs and shorts, SHFE zinc maintained a fluctuating trend during the day.
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