Social Inventory Recorded a Decrease, SHFE Zinc Recorded a Large Negative Bar [SMM Zinc Futures Brief Review]

SMM March 31 News: The most-traded SHFE zinc 2505 contract opened at 23,605 yuan/mt. At the beginning of the session, shorts increased their positions, causing SHFE zinc to fluctuate downward below the daily average line, hitting a low of 23,335 yuan/mt. Subsequently, shorts reduced their positions, leading to a slight upward movement in SHFE zinc. The contract finally closed down at 23,455 yuan/mt, a decrease of 315 yuan/mt, or 1.33%. The trading volume increased to 216,000 lots, and the open interest rose by 5,475 lots to 117,000 lots. SHFE zinc recorded a large bearish candlestick, with various moving averages above exerting pressure. According to SMM data, as of Monday, March 31, domestic social inventory stood at 125,900 mt, showing a decrease, which provided some support to zinc prices. However, domestic zinc concentrate TCs have continued to rise recently, and expectations of increased supply remain. It is expected that zinc prices will maintain a fluctuating trend in the short term. 》Order to view SMM metal spot historical prices