Overnight, LME zinc prices opened at $2421/mt, and closed at $2434/mt, up $10/mt or 0.41%. Trading volume decreased to 5282 lots, and open interest decreased 3692 lots to 212,000 lots. LME zinc inventory decreased by 1525 mt to 80325 mt, a drop of 1.86%. Overseas geopolitical risks have continued recently, and the rise in the US dollar has put pressure on it. However, overseas economies still show resilience, investors are cautious in trading, and LME zinc remains volatile.
The most active SHFE 2311 zinc contract prices opened at 21165 yuan/mt and closed at 21125 yuan/mt last evening, up 10 yuan/mt or 0.05%. The trading volume was down to 38577 lots, and open interest decreased 2214 lots to 77832 lots. Recent domestic economic data have exceeded expectations and market sentiment has improved. However, the supply side has increased, making investors cautious in trading, and the upside space for zinc prices is limited.
