Social inventory of zinc ingots declines, zinc price maintains fluctuating trend [SMM LME Zinc Contract Brief Commentary]

SMM, May 19:

The most-traded SHFE zinc 2506 contract opened at 22,465 yuan/mt. After the opening, SHFE zinc fluctuated around the daily average line, hitting a low of 22,380 yuan/mt during the morning session. It then rebounded from the lows, reaching a high of 22,525 yuan/mt in the early afternoon session. Subsequently, SHFE zinc weakened again, eventually closing up at 22,455 yuan/mt, up 30 yuan/mt or 0.13%. Trading volume increased to 73,012 lots, while open interest decreased by 6,925 lots to 85,560 lots. SHFE zinc recorded a bearish candlestick, with the 10-day moving average acting as resistance. On Monday, SMM zinc ingot inventory decreased by 2,500 mt WoW to 83,800 mt. Low inventory still provides some support for zinc prices, but with the gradual release of zinc ingot production, there is insufficient upward momentum for zinc prices. During the day, SHFE zinc maintained a fluctuating trend.

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