SHFE zinc fluctuates at highs; pay attention to subsequent macro guidance [SMM zinc futures brief comment]

SMM reported on July 23:

The most-traded SHFE zinc 2509 contract opened at 22,995 yuan/mt. After touching a high of 22,995 yuan/mt at the opening, SHFE zinc fluctuated considerably around the daily average line, dipping to a low of 22,830 yuan/mt during the session. It eventually closed higher at 22,975 yuan/mt, up 5 yuan/mt or 0.02%. Trading volume increased to 97,084 lots, while open interest rose by 3,013 lots to 138,000 lots. SHFE zinc recorded a bearish candlestick, with the upper Bollinger Band forming resistance. Despite weak downstream consumption during the off-season, market sentiment remained positive due to macro tailwinds. SHFE zinc continued to fluctuate at highs, and attention should be paid to subsequent macroeconomic news for guidance.