SMM April 23 News:
The most-traded SHFE zinc 2506 contract opened at 22,400 yuan/mt. At the beginning of the session, bears reduced their positions, pushing SHFE zinc quickly above the daily average line to a high of 22,635 yuan/mt. Subsequently, bulls reduced their positions, causing SHFE zinc to drop back slightly and fluctuate near the daily average line. It finally closed up at 22,460 yuan/mt, gaining 175 yuan/mt, an increase of 0.79%. The trading volume increased to 218,000 lots, while the open interest decreased by 3,102 lots to 127,000 lots. SHFE zinc recorded a bullish candlestick, with the 20/60 daily average lines forming resistance above and the lower Bollinger Band providing support below. On April 22 local time, Trump acknowledged that U.S. tariffs on Chinese imports were too high, showing a more moderate stance. A slight macro recovery has boosted market confidence to some extent, driving zinc prices higher. However, as some sectors enter the off-season for end-use consumption, it may impose certain limitations on the upside room for zinc prices. It is expected that SHFE zinc will remain mainly volatile in the short term.
》Order to view SMM metal spot historical prices
