SMM, August 19:
The most-traded SHFE zinc 2610 contract opened at 25,440 yuan/mt during the daytime session. After briefly rising to 25,455 yuan/mt in early trading, the contract weakened amid fluctuations, with its trading range shifting lower. In the afternoon, it fell to an intraday low of 25,260 yuan/mt before recovering slightly at lower levels. The contract eventually closed lower at 25,325 yuan/mt, down 100 yuan/mt, or 0.39%. Trading volume decreased to 85,115 lots, while open interest fell by 9,519 lots to 140,000 lots. The contract recorded a bearish candlestick for the session. Recently, LME zinc has retreated from elevated levels, dragging SHFE zinc lower. Meanwhile, signs of long-position reduction and risk aversion further accelerated the decline in zinc prices.
