SHFE zinc was delivered today and is expected to remain in the doldrums tonight [SMM zinc futures brief comment]

SMM News on July 15:

       The most-traded SHFE zinc 2508 contract opened at 22,145 yuan/mt. After the opening, bulls reduced their positions, causing SHFE zinc to decline all the way below the daily average line. During the session, it dipped to a low of 22,040 yuan/mt. Near the close, bears reduced their positions, allowing SHFE zinc to recover some of its losses. It finally closed down at 22,085 yuan/mt, a drop of 165 yuan/mt or 0.74%. Trading volume decreased to 119,000 lots, and open interest decreased by 9,873 lots to 84,304 lots. SHFE zinc recorded a long upper shadow bearish candlestick, with the 5/10-day moving averages above exerting pressure and the lower Bollinger Bands providing support. Today, overseas zinc inventory continued to increase by 5,200 mt to 118,600 mt. Meanwhile, the expectation of loose domestic supply remains unchanged. It is expected that SHFE zinc will continue to be in the doldrums tonight. Attention can be paid to the US CPI data in the evening.

       During the day, the SHFE zinc 2507 contract opened at 22,080 yuan/mt. After the opening, SHFE zinc fluctuated downward below the daily average line. It finally closed down at 22,010 yuan/mt, a drop of 170 yuan/mt or 0.77%. Trading volume decreased to 225 lots, and open interest decreased by 85 lots to 1,405 lots. The delivery volume was 7,025 lots, and the settlement price was 22,070 yuan/mt.

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