The market is mostly waiting and watching, with SHFE zinc fluctuating and consolidating [SMM zinc futures brief comment]

SMM reported on July 30: The most-traded SHFE zinc 2509 contract opened at 22,735 yuan/mt. In the early trading session, bulls reduced their positions, causing SHFE zinc to fluctuate downward below the daily average line. Subsequently, the center of gravity shifted upward, touching a high of 22,770 yuan/mt. Then, bulls continued to reduce their positions, leading to a downward shift in the center of gravity of SHFE zinc. It dipped to a low of 22,630 yuan/mt in the afternoon before closing up at 22,670 yuan/mt, up 15 yuan/mt or 0.07%. Trading volume increased to 141,000 lots, while open interest decreased by 1,371 lots to 116,000 lots. SHFE zinc recorded a long upper shadow and a small bullish candlestick. With macro sentiment fluctuating and the tariff issue remaining unresolved, the market adopted a wait-and-see attitude. The fundamental supply surplus of zinc remained unchanged, and it is expected to consolidate in the doldrums during the evening session.