SHFE Zinc Rebounds Slightly, Focus on Subsequent Fundamental Performance [SMM Zinc Futures Brief Review]

SMM, March 19:

The most-traded SHFE zinc 2505 contract opened at 23,875 yuan/mt. After the opening, SHFE zinc fluctuated around the daily average line, hitting a low of 23,765 yuan/mt during the morning session. By the afternoon session, SHFE zinc moved upward to a high of 23,960 yuan/mt, then pulled back slightly, and finally closed with a gain at 23,895 yuan/mt, up 25 yuan/mt or 0.1%. Trading volume increased to 92,958 lots, while open interest decreased by 2,015 lots to 123,000 lots. SHFE zinc recorded a bullish candlestick, with resistance formed by the 5-day moving average above. Recently, the expectation of increased supply on the fundamentals side has continued to weigh on zinc prices, but seasonal consumption performance provides some bottom support for zinc prices. During the day, SHFE zinc rebounded slightly from its low.

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