SHFE zinc maintains fluctuating trend, waiting for macro guidance [SMM zinc futures brief comment]

SMM News on August 15:

The most-traded SHFE zinc 2510 contract opened at 22,560 yuan/mt. After opening, SHFE zinc fluctuated lower below the daily average line, reaching a low of 22,485 yuan/mt. Entering the afternoon session, SHFE zinc rebounded from the lows, touching a high of 22,580 yuan/mt, before pulling back from highs to near the daily average line. It eventually closed lower at 22,530 yuan/mt, down 40 yuan/mt or 0.18%. Trading volume increased to 39,114 lots, while open interest rose by 3,090 lots to 91,064 lots. SHFE zinc recorded a bearish candlestick, with the 20-day moving average providing support below. LME zinc inventory continued to decline to 76,300 mt, with low inventory continuing to support zinc prices. However, the current situation of weak domestic consumption remains unchanged, and SHFE zinc maintained a fluctuating trend, awaiting more macro guidance.

On the same day, the SHFE zinc 2508 contract opened at 22,480 yuan/mt. After opening, SHFE zinc maintained a fluctuating trend, eventually closing lower at 22,480 yuan/mt, down 50 yuan/mt or 0.22%. Trading volume decreased to 360 lots, while open interest rose by 40 lots to 4,390 lots. The delivery volume was 21,950 mt, with a settlement price of 22,480 yuan/mt.