Pre-Holiday Stockpiling Consumption Provides Support, SHFE Zinc Rebounds from Lows [SMM Zinc Futures Brief]

SMM September 22:

The most-traded SHFE zinc 2511 contract opened at 21,930 yuan/mt, touched a low of 21,925 yuan/mt early in the session, then fluctuated upward throughout the day, reaching a high of 22,095 yuan/mt before closing at 22,090 yuan/mt, up 185 yuan/mt or 0.84%. Trading volume increased to 77,029 lots, while open interest decreased by 5,675 lots to 130,000 lots. SHFE zinc formed a bullish candlestick, with the KDJ gap narrowing. As the National Day holiday approaches, stocking demand from some downstream zinc enterprises has gradually emerged. Domestic zinc ingot inventory declined MoM, coupled with continued support from low LME zinc inventory, SHFE zinc rebounded from lower levels during the day.