The center of daily candlestick has moved downward. Pay attention to macro data in the evening. [SMM Zinc Futures Brief Comment]

SMM May 16:

       The most-traded SHFE zinc 2506 contract opened at 22,600 yuan/mt. Early in the session, bulls reduced their positions, causing SHFE zinc to fluctuate downward below the daily average line. It eventually closed lower at 22,500 yuan/mt, down 90 yuan/mt or 0.40%. Trading volume decreased to 118,000 lots, while open interest fell by 4,704 lots to 94,346 lots. SHFE zinc recorded a bullish candlestick, with the 40/60-day moving averages acting as resistance above and the 10/20-day moving averages providing support below. Currently, the domestic supply side is relatively loose, but there are no significant bright spots in downstream consumption. Some terminal sectors are gradually entering the off-season. It is expected that zinc prices will remain volatile in the short term. Subsequently, attention can be paid to the US inflation data and terminal export orders to be released in the evening.

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