The Fed's interest rate cut plan slows down, SHFE zinc trend is weak [SMM Zinc Morning Comment]

Overnight, LME zinc prices opened at US$2,510.5/ton. During the European trading session, prices rose to an intraday high of US$2,538/ton before falling to a bottom of US$2,485/ton. It finally closed down at US$2,506/ton, down US$4/ton, or 0.16%. Trading volume rose to 8983 lots, and open interest added by 3627 lots to 209,000 lots. LME zinc inventory dropped by 1575 mt or 0.73% to 215225 mt. The chairman of the Federal Reserve stated that the interest rate cut plan will be slowed down this year. The market's expectations for the Fed's interest rate cut were once again exploited.
SHFE 2402 zinc opened at 21145 yuan/mt overnight and fell to a low of 21025 yuan/mt. Overnight, the most-traded SHFE 2402 zinc contract opened at 21290 yuan/mt and touched a low of 21110 yuan/mt before closing at 21075 yuan/mt, down 55 yuan/mt or 0.26%. Trading volume decreased 29508 lots, and open interest decreased by 306 lots to 66412 lots. The import window reopened and supply tightness eased.