SHFE zinc recorded a bullish candlestick. Attention could be paid to the performance of non-farm payrolls in the evening. [SMM Zinc Futures Brief Commentary]

SMM, June 6:

       The most-traded SHFE zinc 2507 contract opened at 22,260 yuan/mt. Early in the session, bulls reduced their positions, causing SHFE zinc to fluctuate upward above the daily average line. Towards the end of the session, bulls increased their positions, pushing SHFE zinc to a high of 22,415 yuan/mt. It eventually closed up at 22,385 yuan/mt, up 45 yuan/mt or 0.20%. Trading volume increased by 174,000 lots, while open interest decreased by 4,939 lots to 120,000 lots. SHFE zinc recorded a bullish candlestick, with the 60-day moving average acting as resistance above and the 40-day moving average providing support below. Currently, demand in some sectors is gradually weakening, and the characteristics of the seasonal off-season in consumption are becoming increasingly prominent. Meanwhile, expectations of a loose supply side still persist. It is expected that zinc prices will remain in the doldrums in the short term, with attention to be paid to the performance of non-farm payrolls data in the evening.

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