SHFE zinc prices fell overnight [SMM zinc morning comment]

LME zinc prices opened at $2494/mt last evening and closed down $51/mt or 2.05% at $2440/mt. Trading volume increased to 9926 lots, and open interest grew 1394 lots to 232,000 lots. LME zinc inventory dropped by 3375 mt or 1.25% to 266000 mt. U.S. durable goods orders increased more than expected in February, and the U.S. economic growth prospects in the first quarter are still optimistic. Federal Reserve officials stated that cautious interest rate cuts have not yet been digested.

The most active SHFE 2405 zinc opened at 21015 yuan/mt and fell 290 yuan/mt or 1.37% to close at 20865 yuan/mt trading with the high-end of 21035 yuan/mt and the low-end of 20855 yuan/mt. Trading volumes decreased to 57006 lots and open interest grew 1025 lots to 100,000 lots. Terminal consumption performance was poor. As of Monday, SMM data showed that domestic zinc ingot inventories accumulated. The fundamental support for zinc prices has weakened, and zinc prices fell.