The news of smelter maintenance has been largely absorbed, with SHFE zinc's center of gravity pulling back [SMM Zinc Futures Brief Comment]

SMM News on May 27: The most-traded SHFE zinc 2507 contract opened at 22,610 yuan/mt. At the beginning of the session, bulls reduced their positions, causing SHFE zinc to dive lower. It then oscillated and consolidated near 22,300 yuan/mt, dipping to a low of 22,175 yuan/mt during the session. It eventually closed higher at 22,330 yuan/mt, up 145 yuan/mt or 0.65%. Trading volume increased to 343,000 lots, while open interest rose by 3,048 lots to 122,000 lots. SHFE zinc recorded a long upper shadow bullish candlestick. News of maintenance and production halts at domestic smelters has largely been absorbed. The price center of SHFE zinc has corrected lower. From the perspective of zinc fundamentals, the market is about to enter the off-season, and consumption expectations remain weak. It is expected that the market will oscillate mainly in the evening session.

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