SMM February 17 News: The most-traded SHFE zinc 2503 contract opened at 23,710 yuan/mt, briefly hitting a low of 23,565 yuan/mt after the opening. Subsequently, as bears reduced positions, SHFE zinc fluctuated upward, surpassing the daily moving average and peaking at 24,115 yuan/mt near the session's end. It eventually closed lower at 23,850 yuan/mt, down 275 yuan/mt or 1.14%. Trading volume increased to 26,482 lots, while open interest decreased by 8,965 lots to 74,928 lots. SHFE zinc recorded a bearish candlestick, with resistance from the 40/60-day moving averages above and support from the lower Bollinger Band below. Supply side, according to SMM data on February 17, as of today (February 17), the total zinc ingot inventory across SMM's seven tracked regions stood at 135,600 mt, up by 12,300 mt compared to February 13, continuing the inventory buildup. Demand side, overall downstream consumption remained moderate, suggesting that SHFE zinc is likely to maintain a fluctuating trend in the short term.
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