SMM News on June 25:
The most-traded SHFE zinc 2508 contract opened at 21,915 yuan/mt. In the early trading session, bulls increased their positions, driving SHFE zinc to fluctuate upward above the daily average line. Near the end of the trading session, it touched a high of 22,095 yuan/mt and eventually closed up at 22,045 yuan/mt, rising by 125 yuan/mt or 0.57%. Trading volume decreased to 159,000 lots, while open interest increased by 8,395 lots to 130,000 lots. SHFE zinc recorded a long lower shadow bullish candlestick, with the 60-day moving average acting as resistance above and the 5/10-day moving averages providing support below. From a fundamental perspective, overseas inventories are continuously decreasing. Although the domestic market still expects a subsequent expansion in supply, recent inventories have contracted slightly, and downstream consumption is in the doldrums. SHFE zinc maintains a fluctuating trend, and attention can be paid to tomorrow's changes in social inventory.
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