SHFE Zinc Records a Bullish Candle; US Macro Data Worth Watching Tonight [SMM Zinc Brief Review]

Published: Jan 24, 2025 15:53

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[SHFE Zinc Records a Bullish Candle, US Macro Data Worth Watching Tonight]: The most-traded SHFE zinc 2503 contract opened at 23,760 yuan/mt. In early trading, SHFE zinc fell to a low of 23,670 yuan/mt as bulls reduced positions. Subsequently, as bears reduced positions, SHFE zinc fluctuated upward, surpassing the daily moving average and reaching a high of 23,960 yuan/mt. By the end of the session, SHFE zinc slightly declined as bulls reduced positions, ultimately closing higher at 23,875 yuan/mt, up 170 yuan/mt or 0.72%. Trading volume decreased to 113,000 lots, and open interest fell by 6,347 lots to 94,106 lots...

SMM, January 24: The most-traded SHFE zinc 2503 contract opened at 23,760 yuan/mt. At the beginning of the session, SHFE zinc fell to a low of 23,670 yuan/mt due to long liquidation. Subsequently, with short liquidation, SHFE zinc fluctuated upward, surpassing the daily moving average and reaching a high of 23,960 yuan/mt. By the end of the session, SHFE zinc slightly declined due to long liquidation and finally closed higher at 23,875 yuan/mt, up 170 yuan/mt or 0.72%. Trading volume decreased to 113,000 lots, and open interest dropped by 6,347 lots to 94,106 lots. Currently, the market is experiencing increased volatility due to uncertain policies, heightened risk aversion sentiment, and growing wait-and-see sentiment. Additionally, with the Chinese New Year break, zinc prices are expected to fluctuate downward under multiple influences. Attention can be paid to the US January PMI and consumer confidence index data tonight.

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