SMM, February 18: The most-traded SHFE zinc 2503 contract opened at 23,970 yuan/mt. At the beginning of the session, bulls reduced positions, causing SHFE zinc to fluctuate downward below the daily moving average, hitting a low of 23,800 yuan/mt. Subsequently, bears reduced positions, allowing SHFE zinc to recover part of the losses. The overall center fluctuated around the daily moving average, and the contract ultimately closed higher at 23,880 yuan/mt, up 30 yuan/mt or 0.13%. Trading volume decreased to 94,660 lots, and open interest fell by 3,060 lots to 71,868 lots. SHFE zinc recorded a small bullish candlestick, with resistance from the 40-day and 60-day moving averages above and support from the 10-day moving average below. Yesterday, US Fed Governor Bowman delivered a speech, emphasizing that "there is no urgency to cut interest rates in the near term." Meanwhile, no further updates were heard regarding tariffs, and the formal implementation of reciprocal tariffs still requires some waiting time, giving the market a breather. Domestically, consumption support remains insufficient, but macro sentiment has been boosted by the upcoming Two Sessions. Zinc prices are expected to maintain a short-term trend of fluctuating movements.
》Subscribe to view SMM historical spot metal prices
