SHFE Zinc Was Delivered Today, with Intraday Trading Mainly Characterized by Fluctuations [SMM Zinc Futures Review]

SMM November 17:

The most-traded SHFE zinc 2512 contract opened at 22,440 yuan/mt. At the beginning of the session, bulls reduced their positions, and SHFE zinc fluctuated downward. In the afternoon, bears reduced their positions, and the price center of SHFE zinc rose, fluctuating within a range of less than 100 yuan. It finally closed up at 22,465 yuan/mt, an increase of 40 yuan/mt, or 0.18%. Trading volume dropped to 94,653 lots, and open interest fell by 8,703 lots to 91,450 lots. SHFE zinc recorded a small bullish candlestick. According to SMM communication and research, as of this Monday (November 17), the total zinc ingot inventory in SMM's seven major regions was 156,600 mt, a decrease of 1,300 mt compared to November 13, indicating a decline in domestic inventory. Domestic fundamentals provide strong support. With TCs falling rapidly, smelters still have expectations for production cuts. SHFE zinc is expected to fluctuate during the evening session.

During the day, the SHFE zinc 2507 contract opened at 22,435 yuan/mt. After opening, SHFE zinc fluctuated upward above the daily average line, finally closing down at 22,455 yuan/mt, an increase of 85 yuan/mt, or 0.38%. Trading volume decreased to 270 lots, and open interest fell by 65 lots to 5,520 lots. The delivery volume was 27,600 mt, and the settlement price was 22,420 yuan/mt.