Macro and fundamental factors resonate; it is expected that SHFE zinc will maintain a fluctuating trend [SMM Zinc Futures Brief Comment]

SMM, May 13:

       The most-traded SHFE zinc 2506 contract opened at 22,330 yuan/mt. In early trading, amid the tug-of-war between longs and shorts, the center of SHFE zinc prices fluctuated rangebound around 22,320 yuan/mt. Subsequently, as shorts increased their positions, SHFE zinc prices fluctuated downward, dipping to a low of 22,135 yuan/mt. Towards the end of the session, SHFE zinc prices recouped some of their losses, closing at 22,325 yuan/mt, down 165 yuan/mt or 0.73%. Trading volume decreased to 171,000 lots, while open interest fell by 5,995 lots to 112,000 lots. A bearish candlestick was recorded for SHFE zinc, with the 40/60-day moving averages above exerting pressure and the lower Bollinger Band below providing support. Macro front, the market continued to digest news of tariff easing. Fundamentals side, the influx of imported zinc ingots into the domestic market supplemented spot supplies, while downstream consumption gradually entered the off-season. It is expected that zinc prices will continue to fluctuate in the short term amid the resonance between the macro front and fundamentals.

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