Supply-Side Production Cuts Boost SHFE Zinc's Sustained Strength [SMM Zinc Futures Brief Review]

SMM December 2 news:

       The most-traded SHFE zinc 2601 contract opened at 22,700 yuan/mt. After opening, it fluctuated around the daily average line. Near the beginning of the session, it touched a low of 22,655 yuan/mt, and approaching the end of the session, it reached a high of 22,765 yuan/mt, finally closing up at 22,745 yuan/mt, up 5 yuan/mt, a gain of 0.02%. Trading volume decreased to 58,690 lots, and open interest fell by 125 lots to 106,000 lots. SHFE zinc recorded a bullish candlestick, with the upper Bollinger Band providing support. Domestic smelters continued production cuts, coupled with favorable export profits for zinc ingots. Multiple factors continue to support zinc prices strengthening. It is expected that SHFE zinc will maintain high levels during the night session.