US Dollar Index Remains Strong, Zinc Prices Continue to Decline [SMM Zinc Futures Brief]

SMM, January 8:

The most-traded SHFE zinc 2502 contract opened at 24,335 yuan/mt. In early trading, SHFE zinc fluctuated and reached a high of 24,360 yuan/mt. After falling back from highs, it dipped to 24,085 yuan/mt by midday. SHFE zinc then slightly rebounded and ultimately closed lower at 24,225 yuan/mt, down 95 yuan/mt or 0.39%. Trading volume increased to 78,730 lots, while open interest decreased by 3,113 lots to 103,000 lots. Overnight, SHFE zinc recorded a bearish candlestick, with support provided by the lower Bollinger Band. Strong US economic data pushed the US dollar index higher, continuously pressuring zinc prices. Coupled with an unchanged fundamental structure, SHFE zinc continued to edge down slightly.

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