SMM, April 16:
The most-traded SHFE zinc 2605 contract opened at 23,910 yuan/mt. After the opening, SHFE zinc fluctuated around the daily average line, touching a high of 24,000 yuan/mt early in the session and dipping to a low of 23,855 yuan/mt during the session, before eventually closing up at 23,905 yuan/mt, gaining 5 yuan/mt or 0.02%. Trading volume decreased to 42,067 lots, and open interest fell by 3,676 lots to 67,340 lots. SHFE zinc posted a bearish doji, with the upper Bollinger Bands forming resistance. The US dollar weakened, and non-ferrous metal prices rose during the session, driving zinc prices higher. However, spot consumption in China showed mediocre performance, and domestic zinc ingot inventory continued to accumulate. Intraday gains in SHFE zinc were limited. The SHFE/LME price ratio continued to deteriorate recently. Attention should be paid to the subsequent zinc ingot export window situation.
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