Macro sentiment improves, zinc prices rebound slightly [SMM zinc morning comment]

Overnight, LME zinc opened at $3,689/mt. Early in the session, after briefly consolidating around the daily average line, it entered the European trading session, where bears added positions to push prices gradually lower, dipping to the intraday low of $3,649.5/mt near the night session. Subsequently, bears exited, and LME zinc quickly shot up, touching a high of $3,717/mt. Towards the end, it pulled back slightly, finally closing up at $3,714/mt, up $19/mt, a gain of 0.51%. Trading volume increased to 16,376 lots, and open interest decreased by 2,319 lots to 259,000 lots. Overnight, LME zinc recorded a bullish candlestick with a long lower shadow, with the 20-day moving average below providing support and the KDJ opening narrowing. Overnight, as the US Treasury announced it would expand the scale of long-term Treasury debt buyback operations by at least double, US bond yields pulled back, and LME zinc reversed in a "V" shape in response. However, the market doubted the durability of the effect, limiting the rebound in zinc prices.

Overnight, the SHFE zinc 2610 contract opened at 25,350 yuan/mt. Early in the session, after shooting up to 25,485 yuan/mt, it came under pressure and pulled back, with the price center subsequently declining. During this period, it dipped to a low of 25,335 yuan/mt, finally closing up at 25,380 yuan/mt, up 55 yuan/mt, a gain of 0.22%. Trading volume decreased to 68,435 lots, and open interest decreased by 417 lots to 139,000 lots. Overnight, SHFE zinc recorded a small bullish candlestick with a long upper shadow, with the 20-day moving average above exerting pressure. Overnight, influenced by expectations of improved liquidity outside China, prices rebounded slightly, but the shipment to delivery warehouse for LME and high inventory levels in China limited the rebound height.

Data Source Statement: Other data, except for public information, are derived from processing based on public information, market communication, and SMM's internal database models. For reference only, not constituting decision-making advice.