Last Friday, LME zinc opened at $3,627/mt. Early in the session, it briefly touched a high of $3,636/mt before its center shifted lower. During the European trading session, the center fluctuated around the daily average. Approaching the night session, LME zinc accelerated its decline, with its center shifting lower to around $3,560/mt for consolidation. It eventually closed down at $3,555/mt, down $74.5/mt, a decline of 2.05%. Trading volume decreased to 9,988 lots, while open interest increased by 7,801 lots to 258,000 lots. Last Friday, LME zinc recorded a large bearish candlestick, with the middle Bollinger Band providing support below and the upper Bollinger Band forming resistance above. The MACD bearish candlestick expanded. Expectations for US Fed interest rate hikes heated up last Friday, with the market pricing in a 25-basis-point hike in September, causing LME zinc's center to edge slightly lower.
Last Friday, SHFE zinc was closed for the Dragon Boat Festival holiday in China.
Data source disclaimer: All data other than publicly available information are processed by SMM based on public information, market communication, and SMM's internal database models, and are provided for reference only and do not constitute decision-making advice.
