Macro Sentiment Cautious, SHFE Zinc Pulls Back During the Day [SMM Zinc Futures Brief Review]

SMM Nov. 14:

       The most-traded SHFE zinc 2512 contract opened at 22,610 yuan/mt. At the beginning of the session, it touched a high of 22,615 yuan/mt. After opening, SHFE zinc quickly moved downward and then fluctuated near the low levels. Towards the end of the session, it hit a low of 22,415 yuan/mt, finally closing down at 22,425 yuan/mt, a decrease of 210 yuan/mt or 0.93%. Trading volume increased to 83,456 lots, while open interest fell by 2,504 lots to 100,000 lots. SHFE zinc recorded a bearish candlestick. As the US government ended its "shutdown" and the market continued to await the release of US economic data, macro sentiment remained cautious. Consequently, zinc prices pulled back during the day. However, with both domestic and imported zinc concentrate TCs continuing to decline, zinc prices still found some support at the bottom.