Last Friday evening, LME zinc prices opened at $2384.5/mt and closed at $2398.5/mt, up $12/mt or 0.5%. The trading volume reached 7,739 lots, and the open interest reached 204,000 lots. The contract posted a seven-day winning streak and met resistance from the 5-day moving average. Last Friday, LME inventories fell by 450 tons to 149,350 tons, a decrease of 0.3%, as overseas demand improved slightly. Federal Reserve Chairman Powell's speech was moderate, and the overall non-ferrous metals were under pressure.
Last Friday evening, SHFE zinc prices opened at 20,660 yuan/mt, with the high-end of 20700 yuan/mt and the low-end of 20585 yuan/mt. Prices closed at 20640 yuan/mt, down 10 yuan/mt, or 0.05 yuan/mt.Trading volumes were 77503 lots, and open interest was 107,000 lots. SHFE zinc prices fluctuated rangebound as the drop in social inventory showed tight supply.
