Domestic inventory continues to increase, with the center of SHFE zinc prices moving lower [SMM Zinc Futures Brief Comment]

SMM News on July 7: The most-traded SHFE zinc 2508 contract opened at 22,250 yuan/mt. At the beginning of the trading session, bulls increased their positions, causing SHFE zinc to fluctuate downward. It reached a low of 22,040 yuan/mt at the end of the session, closing at 22,090 yuan/mt, down 320 yuan/mt or 1.43%. Trading volume increased to 16.1 lots, while open interest decreased by 1,468 lots to 127,000 lots. SHFE zinc recorded a large bearish candlestick. According to SMM's communication and understanding, as of Monday (July 7), the total zinc ingot inventory across seven locations tracked by SMM was 89,100 mt, an increase of 8,500 mt from June 30 and an increase of 6,700 mt from July 3, indicating a rise in domestic inventory. With inventory continuously accumulating and consumption gradually weakening, bulls took a step back. The center of SHFE zinc's price moved downward during the day, and it is expected to continue fluctuating in the evening session.

》Subscribe to view historical spot prices of SMM metals