LME Continues Destocking SHFE Zinc Rebounds [SMM Zinc Futures Brief]

SMM August 20: The most-traded SHFE zinc 2510 contract opened at 22,190 yuan/mt. At the beginning of the session, SHFE zinc fluctuated along the daily moving average. Towards the end of the session, bulls increased their positions, pushing the price up to 22,275 yuan/mt. It finally closed down at 22,265 yuan/mt, up 60 yuan/mt or 0.27%. Trading volume increased to 112,000 lots, and open interest rose by 5,418 lots to 111,000 lots. SHFE zinc recorded a small bullish candlestick. LME inventory continued destocking, while domestic demand remained weak. Downstream restock increased when prices were low. It is expected that the market will mainly fluctuate in the evening session.