Domestic demand remained weak, SHFE zinc in the doldrums [SMM Zinc Futures Brief]

SMM August 21 report: The most-traded SHFE zinc 2510 contract opened at 22,300 yuan/mt. In the early session, SHFE zinc fluctuated along the daily moving average. During the afternoon session, bulls reduced positions, and the price dropped to 22,230 yuan/mt at the end of the session. It finally closed down at 22,240 yuan/mt, a decrease of 25 yuan/mt or 0.11%. Trading volume fell to 85,851 lots, and open interest decreased by 568 lots to 110,000 lots. SHFE zinc recorded a small bearish candlestick. According to SMM's communication, as of Thursday (August 21), the total inventory of zinc ingots in seven locations was 132,900 mt, an increase of 3,700 mt from August 14 and a decrease of 2,600 mt from August 18. Domestic inventory decreased. However, domestic demand remained weak, with the market waiting for more macro guidance. Capital was cautious, and it is expected that the market would be in the doldrums in the evening session.