Ferrous metal rally boosts zinc prices, SHFE zinc remains high [SMM zinc futures brief comment]

SMM July 22 News:

The most-traded SHFE zinc 2509 contract opened at 22,835 yuan/mt. During the morning session, SHFE zinc fluctuated rangebound above the daily average line, dipping to a low of 22,790 yuan/mt. It then shifted to fluctuating upward during the afternoon session, reaching a high of 22,985 yuan/mt near the close. The contract ultimately closed up at 22,945 yuan/mt, gaining 70 yuan/mt or 0.31%. Trading volume increased to 112,000 lots, while open interest rose by 1,795 lots to 134,000 lots. SHFE zinc recorded a bullish candlestick, with the 5-day moving average providing support below. Market sentiment continued to build, with ferrous metals prices rising strongly. Bullish factors boosted zinc price trends, and SHFE zinc maintained a strong performance during the day.