Affected by LME, SHFE zinc opened lower with a gap last night [SMM Zinc Morning Comment]

Overnight, LME zinc opened at $3,845/mt. In early trading, LME zinc's center moved higher, touching a high of $3,876/mt, then gradually pulled back, dipping to $3,831.5/mt during the night session. It closed slightly higher at the end of the session, ultimately settling up at $3,863.5/mt, up $12.5/mt, or 0.32%. Trading volume decreased to 11,772 lots, and open interest fell by 231 lots to 263,000 lots. Overnight, LME zinc recorded a small bullish candlestick, with prices consolidating below the middle Bollinger Band. The US dollar index held up well, pressuring LME zinc; however, structural risks on the LME persisted, and LME zinc maintained a fluctuating trend.

Overnight, the most-traded SHFE zinc 2611 contract opened lower with a gap at 26,440 yuan/mt. In early trading, SHFE zinc edged down to 26,360 yuan/mt, then consolidated higher to touch 26,500 yuan/mt, fluctuating around the daily average line. It pulled back slightly at the end of the session, ultimately settling down at 26,435 yuan/mt, down 140 yuan/mt, or 0.53%. Trading volume decreased to 54,036 lots, and open interest fell by 3,369 lots to 132,000 lots. Overnight, SHFE zinc recorded a small bearish candlestick, with the upper middle Bollinger Band exerting pressure. In the night session, SHFE zinc opened lower with a gap due to external market influence, but domestic ore supply remained tight, and low TCs supported prices, keeping SHFE zinc in a high-level consolidation pattern.

Data source statement: Except for publicly available information, all other data are processed by SMM based on public information, market communication, and SMM's internal database models. They are for reference only and do not constitute investment advice.