Tariff impact increases, center of SHFE zinc price moves down [SMM zinc futures brief comment]

SMM reported on July 8: The most-traded SHFE zinc 2508 contract opened at 22,070 yuan/mt. In the early trading session, bulls reduced their positions, causing SHFE zinc to drop rapidly to a low of 21,865 yuan/mt. Subsequently, the price center moved upwards, and the contract eventually closed down at 22,050 yuan/mt, a decrease of 40 yuan/mt or 0.18%. Trading volume fell to 159,000 lots, while open interest decreased by 7,658 lots to 119,000 lots. SHFE zinc recorded a long lower shadow bearish candlestick. July supply is expected to continue increasing, with inventory accumulating consecutively and consumption gradually weakening. On the macro front, the impact of tariffs has increased, reducing the likelihood of an interest rate cut. The price center of SHFE zinc moved downwards during the day, and it is expected to continue oscillating in the evening session.

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