SMM, May 8: The most-traded SHFE zinc 2506 contract opened at 22,220 yuan/mt. At the beginning of the session, bears reduced their positions, causing SHFE zinc to briefly rise and touch a high of 22,455 yuan/mt. Subsequently, bears increased their positions, and SHFE zinc fluctuated downward throughout the session, dipping to a low of 22,070 yuan/mt. It eventually closed down at 22,175 yuan/mt, a decrease of 35 yuan/mt or 0.16%. Trading volume increased to 222,000 lots, while open interest rose by 3,206 lots to 120,000 lots. SHFE zinc recorded a long upper shadow bearish candlestick. According to SMM communications, as of Thursday (May 8) this week, the total zinc ingot inventory across seven locations tracked by SMM stood at 83,300 mt, an increase of 6,300 mt from April 30 and a decrease of 800 mt from May 6. Domestic inventory recorded a decline. However, with the import window open, imported zinc ingots are supplementing the market, putting pressure on SHFE zinc prices.
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