Zinc Ingot Social Inventory Declines SHFE Zinc Maintains Fluctuating Trend [SMM Zinc Futures Brief]

SMM Mar 20: The most-traded SHFE zinc 2505 contract opened at 23,765 yuan/mt. After the opening, SHFE zinc quickly rose to a high of 23,900 yuan/mt, then pulled back to a low of 23,635 yuan/mt. Subsequently, SHFE zinc rebounded from the low and fluctuated upward, finally closing up at 23,855 yuan/mt, an increase of 105 yuan/mt or 0.44%. Trading volume increased to 128,000 lots, while open interest decreased by 2,684 lots to 125,000 lots. SHFE zinc recorded a positive candle, with the 20-day moving average forming resistance. SMM's Thursday zinc ingot inventory declined slightly MoM, providing some support for zinc prices. However, smelters have a strong desire to increase production, and under the tug-of-war between longs and shorts, SHFE zinc maintained a fluctuating trend during the day.