SHANGHAI, Jun 2 (SMM) – LME zinc moved upwards after opening at $2,252.5/mt on Thursday, closing at $2,277/mt, up $25/mt or 1.11%. Trading volume fell to 10,563 lots, and open interest rose 2,265 lots to 196,000 lots. LME zinc met resistance at the 5-day moving average. LME zinc inventory decreased by 50 mt to 87,450 mt.
Overnight, the most-traded SHFE 2307 zinc contract went down after opening at 19,285 yuan/mt, but rallied towards the end of the session and closed at 19,255 yuan/mt, up 165 yuan/mt or 0.86%. Trading volume fell to 87,887 lots, and open interest decreased by 1,802 lots to 131,000 lots. SHFE zinc met resistance at the 5-day moving average. The US dollar index fell sharply. Poor fundamentals will expose zinc prices to downside risks.
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