Favourable macro front and sentiment continue, SHFE zinc holds up well [SMM zinc futures brief comment]

SMM News on July 21:

The most-traded SHFE zinc 2509 contract opened at 22,880 yuan/mt. After opening, SHFE zinc fluctuated rangebound above the daily average line, hitting a low of 22,825 yuan/mt in the early session and a high of 22,945 yuan/mt during the session. It finally closed up at 22,925 yuan/mt, up 45 yuan/mt or 0.2%. Trading volume decreased to 99,609 lots, and open interest decreased by 948 lots to 133,000 lots. SHFE zinc recorded a bullish candlestick, and the KDJ divergence continued to widen. The market's macro optimistic sentiment continued to support zinc price trends. Additionally, on Monday, SMM zinc ingot inventory decreased by 800 mt MoM to 92,700 mt, remaining at a relatively low level. During the day, SHFE zinc held up well.