Overnight, LME zinc opened at $3,334/mt, with its center quickly rising at the beginning of the session, touching a high of $3,369/mt. Entering the European trading session, pressure from bulls reducing positions led LME zinc to rapidly decline, probing a low of $3,280/mt. After the night session commenced, LME zinc gradually recovered its losses, rebounding above the daily average line, and finally closed up at $3,323/mt, up $4.5/mt, a gain of 0.14%. Trading volume decreased to 89,821 lots, and open interest fell by 3,230 lots to 233,000 lots. Overnight, LME zinc recorded a bearish candlestick, with support from the 20/60-day daily average lines below. The US has ended its partial government shutdown, alleviating some market uncertainty, but some US Fed officials maintained strong dovish tones, while international geopolitical risks persist, leading LME zinc to maintain considerable fluctuations.
Overnight, the most-traded SHFE zinc 2603 contract opened at 24,800 yuan/mt. At the session's start, SHFE zinc quickly reached a high of 24,885 yuan/mt, then, with bears increasing positions, it fluctuated downward to probe a low of 24,720 yuan/mt. However, as bears reduced positions, SHFE zinc gradually recovered its losses, rising above the daily average line, and finally closed down at 24,805 yuan/mt, down 155 yuan/mt, a loss of 0.62%. Trading volume decreased to 106,000 lots, and open interest increased by 1,441 lots to 83,734 lots. Overnight, SHFE zinc recorded a small doji, with resistance from the 5/10-day daily average lines above and support from the 20/60-day daily average lines below. The current fundamentals show a mix of bullish and bearish factors: domestic mine TC remains low, end-use consumption is gradually turning mediocre, while macro disturbances persist, maintaining the fluctuating trend of SHFE zinc at highs.
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