Domestic inventory continues to increase, SHFE zinc records a bearish candlestick [SMM Zinc Futures Brief Commentary]

SMM February 26: The most-traded SHFE zinc 2604 contract opened at 24,675 yuan/mt. After opening, bears increased open interest, pushing SHFE zinc down below the daily average line to test a lower level at 24,455 yuan/mt. During the session, bulls increased open interest, driving SHFE zinc up, and by the end of the session, it moved near the daily average line, finally closing down at 24,570 yuan/mt, a decrease of 105 yuan/mt, or 0.43%. Trading volume rose to 54,512 lots, and open interest increased by 1,645 lots to 92,762 lots. SHFE zinc recorded a bearish candlestick with no upper shadow, with the upper 40/60-day daily average lines exerting pressure, while the lower Bollinger Band provided support. According to SMM data today, domestic zinc ingot inventory continued to build up due to the Chinese New Year holiday, and downstream consumption recovery still requires time. However, macro disturbances persist, and SHFE zinc continues to fluctuate at highs.