Capital Exits Before Holiday, SHFE Zinc Falls During Daytime [SMM Zinc Futures Brief Comment]

Published: Apr 30, 2025 15:46

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["[Capital Exits Before Holiday, SHFE Zinc Falls During Daytime Trading]: The most-traded SHFE zinc 2506 contract opened at 22,560 yuan/mt. Early in the session, SHFE zinc reached a high of 22,575 yuan/mt. After the opening, SHFE zinc fluctuated downward throughout the session, hitting a low of 22,345 yuan/mt near the close. It eventually closed at 22,440 yuan/mt, down 110 yuan/mt..."]

SMM, April 30:

The most-traded SHFE zinc 2506 contract opened at RMB 22,560/mt. Early in the session, SHFE zinc reached a high of RMB 22,575/mt. After the opening, SHFE zinc fluctuated downward throughout the session, dipping to a low of RMB 22,345/mt near the close. It eventually closed down at RMB 22,440/mt, down RMB 110/mt or 0.49%. Trading volume increased to 66,417 lots, while open interest decreased by 9,060 lots to 106,000 lots. SHFE zinc recorded a bearish candlestick, with the 20-day moving average providing support below. On the last trading day before the Labour Day holiday, some funds exited the market and reduced their positions. However, the continued destocking of zinc ingots still supported zinc prices, limiting the daytime decline in SHFE zinc.

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