The import window is about to open and SHFE zinc weakened [SMM Morning Comment]

Overnight, LME zinc prices opened at US$2,580/ton and touched a high of US$2,593.5/ton. During the European trading session, LME zinc prices fell to the recent low of US$2,526.5/ton, and finally closed down at US$2,539/ton, down US$51/ton, or 1.97%. The trading volume decreased by 621 lots to 8,643 lots, and the open interest increased by 2,083 lots to 204,000 lots. LME inventory decreased by 1,550 tons to 221,775 tons, a decrease of 0.69%. The number of U.S. ADP jobs in December exceeded expectations and recorded 164,000. ADP non-farm data was eye-catching, and the number of initial jobless claims in the United States last week fell more than expected. The market's expectations for the Federal Reserve to cut interest rates have been weakened again. LME zinc prices were under pressure.
Overnight, the most-traded SHFE 2402 zinc contract opened at 21290 yuan/mt and touched a low of 21110 yuan/mt before closing at 21135 yuan/mt, down 295 yuan/mt or 1.38%. Trading volume decreased 46180 to 42,200 lots, and open interest decreased by 2445 lots to 78,600 lots. The import window will reopen and supply tightness will ease.