SHFE zinc remains high, waiting for subsequent macro guidance [SMM zinc futures brief comment]

SMM News on July 4:

The most-traded SHFE zinc 2508 contract opened at 22,325 yuan/mt. After the opening, SHFE zinc began to fluctuate considerably. As it approached the midday session, SHFE zinc dipped to 22,285 yuan/mt, then fluctuated upward all the way. As it approached the end of the session, it reached a high of 22,445 yuan/mt, and finally closed up at 22,410 yuan/mt, up 80 yuan/mt or 0.36%. Trading volume increased by 58,821 lots to 106,000 lots, and open interest increased by 360 lots to 128,000 lots. SHFE zinc recorded a bullish candlestick, with the 20-day moving average providing support below. Although downstream orders performed poorly during the off-season, the low inventory of zinc ingots on the domestic fundamentals side still supported zinc prices. During the day, SHFE zinc maintained a high level. Recently, the uncertainty of tariffs has increased, and it is necessary to continue to wait for subsequent macro guidance.

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