SHFE Zinc Edged Lower, Focus on Subsequent Consumption Performance [SMM Zinc Futures Brief]

SMM September 3 news:

The most-traded SHFE zinc 2510 contract opened at 22,370 yuan/mt. In early trading, it touched a high of 22,390 yuan/mt before declining steadily to hover around the daily average line, maintaining a fluctuating trend along this level. Approaching the session close, it dipped to a low of 22,275 yuan/mt and finally settled at 22,285 yuan/mt, down 80 yuan/mt (0.36%). Trading volume decreased to 58,602 lots, while open interest fell by 1,973 lots to 105,000 lots. SHFE zinc formed a bearish candlestick, finding support at the 5-day moving average. Recent domestic downstream consumption has yet to show significant improvement, with the market adopting a wait-and-see attitude toward seasonal demand expectations. SHFE zinc pulled back, but persistently low LME inventory continues to provide a floor, limiting the downside potential.