SHANGHAI, Aug 30 (SMM) –
Overnight, the US June FHFA House Price Index recorded a monthly rate of 0.3%; the US June S&P/CS 20-City Home Price Index recorded a year-on-year rate of -1.17%; the US July JOLTs Job Openings recorded 8.827 million, well below the market expectation of 9.4-9.5 million. The US August Conference Board Consumer Confidence Index recorded 106.1. The Ministry of Finance stated that in the January-July period, the operating revenue of state-owned enterprises increased by 4.3% YoY, and their total profits increased by 3.9%YoY. Overnight, LME zinc opened at $2,400/mt, reaching a high of $2,449/mt and ha low of $2,393.5/mt before closing at $2,446.5/mt, with a trading volume of 10,945 lots and an open interest of 203,000 lots. LME zinc recorded eight consecutive days of gains, with support provided by the 5-day moving average. Overnight, LME zinc inventories decreased by 325 mt to 149,025 mt, a decrease of 0.22%. LME zinc inventories declined, and the US July JOLTs Job Openings recorded 8.827 million, causing the US dollar index to weaken. Overnight, SHFE zinc opened at 20,790 yuan/mt. The bears increased their positions, causing the center of gravity of SHFE zinc to slightly sink and hit a low of 20,725 yuan/mt. Later, the bulls entered the market and SHFE zinc fluctuated higher to around 20,950 yuan/mt, reaching a high of 20,975 yuan /mt, and finally closed at 20,935 yuan/mt, up 190 yuan/mt, or 0.92%, with a trading volume of 76,844 lots and an open interest of 110,000 lots. It is necessary to continue to pay attention to zinc price trend after macro impact wanes.
