Overseas macro and fundamentals continue to gain momentum, with SHFE zinc recording a five-day winning streak [SMM zinc futures brief comment]

SMM News on August 7:

       The most-traded SHFE zinc 2509 contract opened at 22,480 yuan/mt. After the opening, bears reduced their positions, driving SHFE zinc prices up to a high of 22,630 yuan/mt. Subsequently, a tug-of-war between longs and shorts ensued, with the price center of SHFE zinc fluctuating around 22,550 yuan/mt. It eventually closed higher at 22,580 yuan/mt, up 200 yuan/mt or 0.89%. Trading volume increased to 131,000 lots, while open interest rose by 2,565 lots to 96,819 lots. The price center of SHFE zinc shifted upward again, recording a five-day winning streak. The upper Bollinger Bands track exerted pressure, while the lower track provided support. Most non-ferrous metals rose today, with overseas macro and fundamental factors providing strong support for SHFE zinc. It is expected that SHFE zinc will continue to maintain a fluctuating trend in the short term.