SMM zinc morning comment: LME zinc fluctuated at lows

Last Friday, LME zinc prices opened at US$2,528/ton. During the European trading period, LME zinc prices rose all the way to an intraday high of US$2,560.5/ton, then dropped to a daily low of US$2502/ton, finally closing at US$2522.5/ton, down US$6.5/ton or 0.26%, with trading volume reduced to 14,042 lots and open interest reduced by 3,596 lots to 226,000 lots. LME zinc inventory dropped by 300 mt or 0.11% to 272275 mt.
Last Friday, the SHFE 2404 zinc contract opened at 21315 yuan/ton. SHFE zinc reached a low of 21115 yuan/ton. It finally closed down at 21195 yuan/ton, down 5 yuan/ton, or 0.02%. The trading volume reduced to 51930 lots, and the open interest decreased to 84229 lots. From the fundamentals of the spot market, domestic downstream consumption was weak.