Social inventory of zinc ingots decreased, zinc prices fluctuated [SMM Zinc Futures Brief Comment]

SMM reported on May 26: The most-traded SHFE zinc 2507 contract opened at 22,285 yuan/mt. In the early session, bears increased their positions, causing SHFE zinc prices to dive. Subsequently, prices fluctuated and consolidated along the daily average line, eventually closing down at 22,185 yuan/mt, a drop of 30 yuan/mt or 0.14%. Trading volume increased to 143,000 lots, while open interest rose by 4,451 lots to 119,000 lots. SHFE zinc recorded a small bullish candlestick. According to SMM communications, as of Monday (May 26), the total zinc ingot inventory across seven locations tracked by SMM was 78,800 mt, a decrease of 5,000 mt from May 19 and a decrease of 1,600 mt from May 22, indicating a decline in domestic inventory. On the zinc fundamentals side, both supply and demand are weak, while macro uncertainties remain high. It is expected that prices will fluctuate mainly in the evening session.

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