Domestic Social Inventory Destocking Still Supports Zinc Prices [SMM Zinc Futures Brief]

SMM April 17 News: The most-traded SHFE zinc 2506 contract opened at 21,925 yuan/mt. In the early session, bulls increased their positions, and SHFE zinc fluctuated upward. In the afternoon, it touched a high of 22,195 yuan/mt, but the upward momentum was insufficient, and it pulled back to near the daily average line, finally closing up at 21,990 yuan/mt, an increase of 70 yuan/mt, or 0.32%. The trading volume decreased to 199,000 lots, and the open interest increased by 870 lots to 128,000 lots. SHFE zinc recorded a small bullish candlestick with a long upper shadow. According to SMM communication, as of Thursday, April 17, the total zinc ingot inventory in seven regions monitored by SMM was 100,000 mt, a decrease of 2,100 mt compared to April 14 and a decrease of 5,600 mt compared to April 17. The domestic inventory recorded a decrease, still providing support for zinc prices, but uncertainties brought by tariffs remain. SHFE zinc fluctuated and is expected to continue fluctuating in the evening.