SHFE zinc fluctuates rangebound, with more macro information to be followed [SMM Zinc Futures Brief Comment]

SMM, June 24:

The most-traded SHFE zinc 2508 contract opened at 21,975 yuan/mt. After the opening, the price center of SHFE zinc continued to fluctuate rangebound around the daily average line. During the session, SHFE zinc reached a high of 21,985 yuan/mt and a low of 21,880 yuan/mt. It eventually closed up at 21,920 yuan/mt, up 140 yuan/mt or 0.64%. Trading volume increased to 186,000 lots, while open interest rose by 10,602 lots to 121,000 lots. SHFE zinc recorded a long upper shadow bullish candlestick, with the 60-day moving average acting as resistance above and the 5/10-day moving averages providing support below. Local tensions initially showed signs of easing, and market sentiment improved somewhat. Domestically, influenced by the recent low arrival of spot cargo in some regions, social inventory decreased yesterday. However, end-use demand remained in the doldrums. It is expected that SHFE zinc will continue to fluctuate in the short term, and subsequent attention can be paid to macro data such as consumer confidence to be released in the evening.

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