LME's strength drives SHFE zinc higher [SMM zinc futures brief comment]

SMM News on July 10: The most-traded SHFE zinc 2508 contract opened at 22,235 yuan/mt. In the early session, bulls increased their positions, causing SHFE zinc to fluctuate upward and reach a high of 22,430 yuan/mt at the end of the session. It finally closed up at 22,385 yuan/mt, rising by 265 yuan/mt or 1.2%. Trading volume decreased to 146,000 lots, while open interest fell by 2,128 lots to 113,000 lots. SHFE zinc recorded a large bullish candlestick. According to SMM's communication and understanding, as of Thursday (July 10), the total inventory of zinc ingot in seven regions tracked by SMM was 90,300 mt, an increase of 7,200 mt from July 3 and an increase of 1,200 mt from July 7, indicating a rise in domestic inventory. Domestically, benefiting from the "anti-cut-throat competition" measures, ferrous metals prices stabilized and rebounded. Zinc prices followed the rebound in ferrous metals, and the strength of LME zinc drove SHFE zinc. It is expected that SHFE zinc will hold up well tonight.

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