SMM May 22 News:
Overnight, LME zinc opened at $3,563/mt. After the opening, LME zinc fluctuated downward throughout the session, touching a high of $3,575.5/mt early in the session and probing a low of $3,505/mt near the end of the session, ultimately closing lower at $3,542.5/mt, down $25/mt or 0.7%. Trading volume increased to 10,336 lots, and open interest decreased by 245 lots to 236,000 lots. Overnight, LME zinc posted a bearish candlestick, with the upper Bollinger Bands rail forming resistance. US-Iran negotiations encountered new obstacles, reigniting market concerns and suppressing non-ferrous metals prices, causing LME zinc to retreat from highs.
Overnight, the most-traded SHFE zinc 2607 contract opened at 24,755 yuan/mt. After the opening, SHFE zinc fluctuated below the daily average line. Early in the session, SHFE zinc touched a high of 24,785 yuan/mt, and mid-session probed a low of 24,610 yuan/mt, ultimately closing lower at 24,665 yuan/mt, down 140 yuan/mt or 0.56%. Trading volume decreased to 31,073 lots, and open interest decreased by 1,832 lots to 94,581 lots. Overnight, SHFE zinc posted a bearish candlestick, with the middle Bollinger Bands rail providing support. Influenced by LME price movements, SHFE zinc opened lower in the night session. Additionally, on the fundamentals side, zinc ingot supply remained ample, and China's consumption off-season was gradually approaching, causing SHFE zinc to maintain a fluctuating trend.
Data Source Disclaimer: Data other than public information is derived from public information, market communication, and SMM's internal database models, processed by SMM for reference only and does not constitute decision-making advice.
