Tight Supply of Ore Eases, SHFE Zinc Fluctuates Downward [SMM Zinc Futures Brief]

SMM, January 6:

The most-traded SHFE zinc 2502 contract opened at 24,565 yuan/mt. After opening, SHFE zinc fluctuated rangebound near the daily moving average, hitting a high of 24,575 yuan/mt in early trading and a low of 24,395 yuan/mt during the morning session, before closing down at 24,490 yuan/mt, a decrease of 70 yuan/mt or 0.29%. Trading volume fell to 78,400 lots, and open interest decreased by 3,570 lots to 109,000 lots. SHFE zinc recorded a bearish candlestick, with the KDJ indicator widening. SMM reported that zinc ingot inventory on Monday fell by 2,800 mt WoW to 61,700 mt, but the tightness in ore supply eased, leading to SHFE zinc fluctuating downward during the day.

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