SHFE Zinc Fluctuates at Highs, Focus on Subsequent Export Shipments to Delivery Warehouse [SMM Zinc Futures Brief Review]

SMM November 12 news:

       The most-traded SHFE zinc 2512 contract opened at 22,660 yuan/mt. During the day, SHFE zinc fluctuated rangebound around the daily average line. In the afternoon session, it touched a low of 22,595 yuan/mt, then approached a high of 22,695 yuan/mt near the close, finally settling up at 22,680 yuan/mt, gaining 25 yuan/mt, an increase of 0.11%. Trading volume increased to 38,248 lots, while open interest decreased by 1,380 lots to 106,000 lots. SHFE zinc recorded a bullish candlestick, with support from the 20-day moving average below. Although LME zinc ingot inventory has seen a recent buildup, overall inventory remains low. Coupled with the ongoing phased shortage of domestic ore, SHFE zinc continued to hover at highs during the day.