SMM June 26 News:
The most-traded SHFE zinc 2508 contract opened at 22,095 yuan/mt. Subsequently, with bulls increasing their positions, SHFE zinc fluctuated upward, surpassing the daily average line and touching a high of 22,400 yuan/mt. Near the end of the trading session, bears increased their positions, causing SHFE zinc to drop back slightly. It finally closed up at 22,240 yuan/mt, rising by 195 yuan/mt or 0.88%. Trading volume increased to 168,000 lots, and open interest rose by 5,773 lots to 136,000 lots. SHFE zinc recorded a four-day winning streak, with the upper Bollinger Bands acting as resistance and the 5/40-day moving averages providing support. Influenced by the recent easing of macro sentiment, SHFE zinc has been rising continuously. Although there are expectations of a wider supply in the subsequent market and a recent slowdown in downstream demand, the current macro sentiment has a significant impact on prices. Meanwhile, there is no obvious increase in zinc ingot supply in the market. It is expected that zinc will continue to maintain a fluctuating trend in the short term, primarily driven by macro factors.
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