SHFE zinc recorded a large bullish candlestick, and it is expected to maintain a fluctuating trend in the short term [SMM Zinc Futures Brief Comment]

SMM, May 14:

       The most-traded SHFE zinc 2506 contract opened at 22,645 yuan/mt. Subsequently, amid the tug-of-war between longs and shorts, the price center of SHFE zinc fluctuated around 22,615 yuan/mt. In the tail end of the session, bears reduced their positions, causing SHFE zinc to rise slightly and touch a high of 22,780 yuan/mt. It eventually closed up at 22,710 yuan/mt, up 385 yuan/mt or 1.72%. Trading volume increased to 219,000 lots, while open interest decreased by 7,094 lots to 105,000 lots. SHFE zinc recorded a bullish candlestick. The 40/60-day daily moving averages above exerted pressure, while the lower Bollinger Bands provided support below. In the short term, the macro-trade situation has released certain positive signals. The latest US CPI data fell short of expectations. On the fundamentals side, upstream and downstream consumption is operating steadily. With imports supplementing the overall spot volume, it remains relatively normal. SHFE zinc is expected to maintain a fluctuating trend.

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