SHFE Zinc Records Five Consecutive Declines, Short-Term Zinc Prices Expected to Remain Volatile [SMM Zinc Futures Brief Review]

SMM Oct. 16:

       The most-traded SHFE zinc 2511 contract opened at 21,950 yuan/mt. After opening, bears reduced their positions, and SHFE zinc fluctuated upward above the daily average line. Subsequently, bulls reduced their positions, and SHFE zinc continued to decline, hitting a low of 21,880 yuan/mt. At the end of the session, bears reduced their positions, and SHFE zinc recovered some of its losses, finally closing down at 21,940 yuan/mt, a decrease of 75 yuan/mt or 0.34%. SHFE zinc recorded five consecutive declining sessions. According to SMM data, as of today, domestic social inventory registered 162,700 mt, but demand failed to release clear positive signals. The domestic fundamentals remain in a situation of strong supply and weak demand. Zinc prices are expected to fluctuate in the short term.