Downstream Demand Weakens, SHFE Zinc Center Slides [SMM Zinc Futures Brief]

SMM, January 7:

The most-traded SHFE zinc 2502 contract opened at 24,505 yuan/mt, hit a high of 24,545 yuan/mt in early trading, then slightly declined by midday, and subsequently maintained a fluctuating trend. During the session, it touched a low of 24,310 yuan/mt and finally closed down at 24,395 yuan/mt, a decrease of 135 yuan/mt or 0.55%. Trading volume increased to 81,009 lots, while open interest decreased by 4,162 lots to 104,000 lots. Overnight, SHFE zinc recorded a bearish candlestick, with support provided by the lower Bollinger Band. As the Chinese New Year approaches, downstream sectors gradually enter holiday mode, weakening the fundamental support for zinc prices, leading to a slight decline in SHFE zinc during the day.

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