SMM, May 22:
The most-traded SHFE zinc 2507 contract opened at 22,240 yuan/mt. After the opening, SHFE zinc fluctuated rangebound around the daily average line, reaching a high of 22,340 yuan/mt near midday before pulling back to a low of 22,165 yuan/mt. Subsequently, SHFE zinc rebounded to near the daily average line, eventually closing flat at 22,245 yuan/mt. Trading volume increased to 72,168 lots, while open interest rose by 5,030 lots to 108,000 lots. SHFE zinc recorded a long-wicked bullish candlestick, piercing through multiple daily average lines, with the 60-day daily average line providing support below. Recently, a large volume of oz zinc ore has arrived in the domestic market, and smelters continue to refuse to budge on prices for subsequent TCs. The expectation of loose supply persists, and zinc prices are in the doldrums during the day.
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