Domestic social inventory recorded an increase, while SHFE zinc recorded a bearish candlestick [SMM Zinc Futures Brief Comment]

SMM, May 15:

       The most-traded SHFE zinc 2506 contract opened at 22,750 yuan/mt. Subsequently, as bulls reduced their positions, SHFE zinc prices fluctuated downward, hitting a low of 22,545 yuan/mt during the session. The contract eventually closed at 22,590 yuan/mt, down 120 yuan/mt or 0.53% from the previous close. Trading volume decreased to 152,000 lots, while open interest fell by 5,891 lots to 99,050 lots. A bearish candlestick was recorded for SHFE zinc, with the 60-day moving average acting as resistance above and the 5/20-day moving averages providing support below. According to SMM data, as of today, there has been a slight inventory buildup in domestic social inventory, exerting some downward pressure on zinc prices. Currently, there are no notable bright spots in downstream consumption, and attention should be paid to export orders in the future. It is expected that zinc prices will maintain a fluctuating trend in the short term.

On the same day, the SHFE zinc 2505 contract opened at 22,905 yuan/mt. After opening, SHFE zinc prices fluctuated downward and eventually closed at 22,910 yuan/mt, up 10 yuan/mt or 0.04% from the previous close. Trading volume increased to 440 lots, while open interest decreased by 55 lots to 315 lots. The delivery volume was 1,575 mt, and the settlement price was 22,915 yuan/mt.

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