






SMM August 28 News:
The most-traded SHFE zinc 2510 contract opened at 22,135 yuan/mt. After the opening, a fierce battle between long and short positions ensued, with the center of SHFE zinc fluctuating rangebound around the daily average. It finally closed down at 22,170 yuan/mt, falling 140 yuan/mt, or 0.63%. Trading volume increased to 156,000 lots, and open interest rose by 6,801 lots to 115,000 lots. SHFE zinc recorded a bearish candlestick with a long lower shadow, as the 5/40-day moving averages exerted pressure from above, while the Bollinger lower band provided support from below. According to SMM data, as of August 28, domestic zinc ingot inventory continued to increase to 144,500 mt, but overseas inventories continued to decline below 60,000 mt, providing some support to the price bottom. Meanwhile, domestic consumption is expected to enter the traditional peak season, and it is anticipated that SHFE zinc will remain in the doldrums in the evening session.
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