Bears continued to increase their positions, and SHFE zinc weakened and declined. [SMM Zinc Futures Review]

SMM September 24:

The most-traded SHFE zinc 2511 contract opened at 21,860 yuan/mt, initially touched a high of 21,940 yuan/mt, then fluctuated downward below the daily average line, and hit a low of 21,860 yuan/mt by the session end, finally closing down 75 yuan/mt, or 0.34%, at 21,860 yuan/mt. Trading volume increased to 60,245 lots, and open interest rose by 2,484 lots to 142,000 lots. SHFE zinc recorded a bearish candlestick, with support from the lower Bollinger Band. Downstream enterprises had previously bought the dip, and most pre-holiday stockpiling was completed. Spot zinc trading turned sluggish again today, coupled with production halts at downstream enterprises in Guangdong due to the typhoon, zinc ingot consumption remained weak. Bears continued to increase their positions, putting pressure on SHFE zinc to weaken further.