Zinc Ingot Inventory Continues to Decline, SHFE Zinc Center Shifts Upward [SMM Zinc Futures Brief Review]

SMM December 4 news:

       The most-traded SHFE zinc 2601 contract opened at 22,850 yuan/mt. At the beginning of the session, it touched a low of 22,835 yuan/mt, then fluctuated upward above the daily average line. Approaching the end of the session, it reached a high of 23,000 yuan/mt before falling back near the daily average line, finally closing up at 22,865 yuan/mt, an increase of 15 yuan/mt, or 0.07%. Trading volume increased to 82,557 lots, and open interest rose by 1,436 lots to 106,000 lots. The most-traded SHFE zinc contract recorded a bullish candlestick, supported by the upper Bollinger Band. Continued optimism about interest rate cuts, coupled with expectations for smelter production cuts, led to a further decline in SMM zinc ingot inventory on Thursday. Support from the supply side also bolstered zinc prices, collectively pushing the price center of the most-traded SHFE zinc contract higher.