Overnight, LME zinc opened at $2500/mt and closed down $25/mt or 1% at $2472.5/mt. The trading volume was 11605 lots, and open interest increased 1189 lots to 204,000 lots. The strong macro data has repeatedly emphasized the bearish sentiment in the context of interest rate hikes, putting upward pressure on the market in the short term.
The most-traded SHFE 2401 zinc contract opened lower at 20720 yuan/mt and rose before closing at 20690 yuan/mt, down 110 yuan/mt or 0.53%. Trading volume was 43,000 lots, and open interest fell 879 lots to 92,000 lots. After the zinc price fell, the spot trading atmosphere improved, and the fundamentals gave some support to the market. However, the expected output of refineries is still huge, and the abundant supply will remain, weighing on zinc prices.
SMM zinc morning comment
- Dec 01, 2023, at 9:57 am
Overnight, LME zinc opened at $2500/mt and closed down $25/mt or 1% at $2472.5/mt. The trading volume was 11605 lots, and open interest increased 1189 lots to 204,000 lots. The strong macro data has repeatedly emphasized the bearish sentiment in the context of interest rate hikes, putting upward pressure on the market in the short term.
