Macro support continues, SHFE zinc remains high [SMM zinc futures brief comment]

SMM News on August 13:

The most-traded SHFE zinc 2509 contract opened at 22,660 yuan/mt. In the early session, SHFE zinc reached a high of 22,685 yuan/mt, then fluctuated below the daily average line. By the end of the session, SHFE zinc dipped to 22,600 yuan/mt, closing down at 22,600 yuan/mt, a drop of 85 yuan/mt or 0.27%. Trading volume decreased to 35,596 lots, while open interest increased by 107 lots to 85,986 lots. SHFE zinc recorded a bearish candlestick, with the 5-day moving average providing support below. Downstream consumption was poor during the off-season, and fundamentals continued to limit zinc prices. However, expectations of a macro interest rate cut continued to boost prices, with SHFE zinc fluctuating at highs during the day.