Domestic macro meetings released positive signals, SHFE zinc recorded a three-day winning streak [SMM Zinc Futures Review]

SMM April 25 News:

       The most-traded SHFE zinc 2506 contract opened at 22,860 yuan/mt. After opening, the center of SHFE zinc fluctuated around 22,810 yuan/mt. Subsequently, the bulls reduced their positions, causing SHFE zinc to briefly fall below the daily average line, and finally closed up at 22,750 yuan/mt, an increase of 160 yuan/mt, or 0.71%. The trading volume increased to 203,000 lots, while the open interest decreased by 2,657 lots to 122,000 lots. SHFE zinc recorded a three-day winning streak, with the 40/60 daily average lines acting as resistance above and the 5/10 daily average lines providing support below. Macro-wise, on one hand, expectations for a US Fed interest rate cut are intensifying, while Trump's stance on tariffs against China remains uncertain. On the other hand, domestic macro meetings have released positive signals, but fundamental consumption remains relatively average, limiting the upward momentum of zinc prices. It is expected that zinc prices will continue to fluctuate in the short term.

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