Domestic inventory records an increase, SHFE zinc's center moves lower [SMM Zinc Futures Brief Comment]

SMM, June 19: The most-traded SHFE zinc 2508 contract opened at 21,765 yuan/mt. At the beginning of the session, bears increased their positions, causing SHFE zinc prices to plummet. The contract later hit a low of 21,600 yuan/mt towards the end of the session, eventually closing at 21,680 yuan/mt, down 130 yuan/mt or 0.06%. Trading volume increased to 84,227 lots, while open interest rose by 5,961 lots to 104,000 lots. SHFE zinc recorded a bearish candlestick. According to SMM's communication and understanding, as of Monday (June 19), the total inventory of zinc ingots across seven locations tracked by SMM stood at 79,600 mt, an increase of 2,500 mt from June 12 and 1,500 mt from June 16, indicating a rise in domestic inventory. With inventory rising and consumption weakening, bears continued to enter the market, pushing the center of SHFE zinc prices lower during the day. It is expected that prices will continue to fluctuate in the evening session.

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