SMM, February 25:
The most-traded SHFE zinc 2504 contract opened at 23,665 yuan/mt. After opening, SHFE zinc traded below the daily moving average, hitting an intraday high of 23,705 yuan/mt before gradually declining. By the end of the session, it reached an intraday low of 23,575 yuan/mt and finally closed down at 23,595 yuan/mt, a decrease of 85 yuan/mt or 0.36%. Trading volume increased to 87,252 lots, and open interest rose by 4,137 lots to 90,580 lots. Overnight, SHFE zinc recorded a bearish candlestick, with support provided by the lower Bollinger Band. Zinc ore supply remained ample, and expectations of rising domestic and overseas zinc concentrate TCs persisted. Coupled with a slightly sluggish recovery in recent consumption pace, the fundamentals lacked support, leading to a significant intraday decline in SHFE zinc.
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