Macro sentiment has improved, and the center of SHFE zinc prices has moved up [SMM Zinc Futures Brief Comment]

SMM News on June 18: The most-traded SHFE zinc 2508 contract opened at 21,660 yuan/mt. At the beginning of the trading session, bears reduced their positions, prompting SHFE zinc to rapidly rally to an intraday high of 21,885 yuan/mt. It then consolidated near 21,845 yuan/mt, eventually closing up at 21,810 yuan/mt, up 135 yuan/mt or 0.62%. Trading volume decreased to 82,237 lots, while open interest fell by 6,441 lots to 97,600 lots. SHFE zinc recorded a large bullish candlestick, with the 20-day moving average acting as resistance. The fundamental outlook for June remained weak, but positive policy news emerged from the Lujiazui Forum, leading to an improvement in macro sentiment. The price center of SHFE zinc shifted higher during the day, and it is expected to trade in a rangebound manner.

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