Overnight, LME zinc opened at $2542/mt and closed down $40.5/mt or 1.6% at $8584/mt. The trading volume was 8584 lots, and open interest lost 4395 lots to 203,000 lots. The pressure in this year's heating season has been greatly reduced compared with previous years. There is little news about production cuts and overseas supply is stable. However, the market sentiment is unstable.
Overnight, the most-traded SHFE 2401 zinc contract opened at 20915 yuan/mt and fell slightly to close at 20830 yuan/mt, down 235 yuan/mt or 1.12%. Trading volume stood at 57,000 lots, and open interest gained by 4405 lots to 91,000 lots. The recent trading in the spot market has been light. On the one hand, the early reserve stockpile provides support. On the other hand, the pace of winter storage this year has slowed down. There are no orders in the galvanized sector and there is no expectation of improvement. Basically, the support for SHFE zinc is limited.
SMM zinc morning comment
- Nov 30, 2023, at 9:54 am
Overnight, LME zinc opened at $2542/mt and closed down $40.5/mt or 1.6% at $8584/mt. The trading volume was 8584 lots, and open interest lost 4395 lots to 203,000 lots. The pressure in this year's heating season has been greatly reduced compared with previous years. There is little news about production cuts and overseas supply is stable. However, the market sentiment is unstable.
