LME Zinc Center Shifts Downward, SHFE Zinc Closed for New Year's Day [SMM Zinc Morning Comment]

On Tuesday, Musk briefly triggered a surge of 126,000% in related meme coins; Israeli Defense Minister: Hamas may face an unprecedented massive strike in Gaza; South Korea's CIO Director: Will arrest Yoon Suk-yeol within the validity period of the arrest warrant; Gazprom: Has suspended natural gas supply to Europe via Ukraine; Iran to hold a new round of talks with the UK, France, and Germany on January 13; Starting January 1, personal housing provident fund loan interest rates have been lowered; Three departments issued the "Interim Measures for Implementing a Flexible Retirement System"; Mixue Bingcheng Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange; Alibaba sold Sun Art Retail for HK$13.1 billion, further shrinking its new retail footprint.
On Tuesday, LME zinc opened at $3,020/mt. In early trading, LME zinc fluctuated and consolidated near the daily moving average. Later, the center moved upward, reaching a high of $3,042/mt. During European trading hours, bulls reduced positions, and LME zinc declined, fluctuating and consolidating at $3,025/mt. In the night session, bears increased positions, causing LME zinc to plunge and hit a low of $2,968.5/mt, eventually closing down at $2,989/mt, a decrease of $28/mt or 0.97%. Trading volume fell to 5,839 lots, and open interest increased by 167 lots to 224,000 lots. On Tuesday, LME zinc recorded a large bearish candlestick. LME inventory decreased by 2,975 mt to 234,900 mt, a drop of 1.25%. The US dollar remained strong, with the market holding positive expectations for fewer interest rate cuts and favorable policies under the new president. The US dollar index continued to hover near a two-year high. Meanwhile, China's PMI recorded 50.1, still in expansion territory, but concerns about a pullback in domestic demand persisted. LME zinc's center shifted downward, and it is expected to fluctuate mainly today.
On Tuesday, SHFE zinc was closed for the New Year holiday.