LME Zinc gained support from the 5-day moving average [SMM Zinc Morning comment]

Overnight, LME zinc opened at $2408/mt, hitting a low and high of $2398/mt and $2436/mt respectively, and closed at $2425/mt, up $8.5/mt or 0.35%. Trading volume increased to 9665 lots, and open interest grew 4999 lots to 242,000 lots. Macroeconomic sentiment has improved, and the market has increased its bets on the United States to cut interest rates starting in June.
The most active SHFE 2404 zinc contract prices opened at 20545 yuan/mt and gained 190 yuan/mt or 0.93% to settle at 20600 yuan/mt, with the high-end of 20645 yuan/mt. Trading volumes decreased to 54652 lots and open interest fell 3664 lots to 116,000 lots. Expectations over output cuts at smelters bolstered SHFE zinc.