LME Continues to Boost SHFE Rise, SHFE Zinc Maintains High Levels [SMM Zinc Futures Brief Review]

SMM Oct. 29:

The most-traded SHFE zinc 2512 contract opened at 22,410 yuan/mt. At the beginning of the session, bulls reduced their positions, causing SHFE zinc to fluctuate downward. In the afternoon, bears reduced their positions, lifting the price center upward. The contract touched a high of 22,455 yuan/mt before closing at 22,430 yuan/mt, up 120 yuan/mt or 0.54%. Trading volume decreased to 114,000 lots, and open interest fell by 1,844 lots to 119,000 lots. SHFE zinc formed a bullish candlestick. The TC for zinc concentrates dropped in November, and mine supply is expected to tighten. As zinc ingots are gradually exported and circulated, exports may further increase, providing strong support at the bottom for SHFE zinc. Zinc prices are expected to continue fluctuating at highs during the evening session.