LME Zinc Posts a Bearish Candlestick, SHFE Zinc Closed for Holiday [SMM Zinc Morning Comment]

Last Friday, LME zinc opened at $3,957/mt. After the opening, LME zinc rose and touched a high of $3,989.5/mt, then declined all the way below the daily average line, dipping to $3,889/mt near the end of the session, and finally closed down at $3,893.5/mt, a decrease of $71.5/mt, or 1.80%. Trading volume decreased to 10,062 lots, while open interest increased by 2,097 lots to 264,100 lots. On September 25, LME zinc inventory fell by 1,600 mt to 121,600 mt, a decline of 1.30%. Last Friday, LME zinc recorded a bearish candlestick, with the lower Bollinger Band providing support. Last Friday, the US dollar index closed slightly lower amid factors such as easing inflation concerns, but market expectations for interest rate hikes intensified. LME zinc rose first and then fell, maintaining a fluctuating trend. Currently, the overseas backwardation structure remains in place, and attention should be paid to LME inventory performance.

Last Friday, SHFE zinc was closed due to the Mid-Autumn Festival holiday.

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