Social inventory in China increased slightly, and SHFE zinc recorded a large bullish candlestick [SMM zinc futures brief comment]

SMM News on July 17:

       The most-traded SHFE zinc 2508 contract opened at 22,090 yuan/mt. After the opening, longs and shorts engaged in fierce competition, with SHFE zinc oscillating above the daily average line. It touched a high of 22,170 yuan/mt during the session and eventually closed up at 22,130 yuan/mt, rising by 85 yuan/mt or 0.39%. Trading volume decreased to 77,513 lots, while open interest fell by 11,088 lots to 67,223 lots. SHFE zinc recorded a large bullish candlestick, with the 5/10-day moving averages exerting pressure above and the lower Bollinger Bands providing support below. According to SMM data, as of Thursday (July 17), domestic inventory increased slightly by 400 mt MoM. Meanwhile, trading in the spot market was sluggish. It is expected that zinc prices will maintain a weak oscillating trend in the short term, but attention should be paid to changes in the macro environment.

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