SMM, February 27:
The most-traded SHFE zinc 2504 contract opened at 23,530 yuan/mt. After the opening, SHFE zinc fluctuated rangebound around the daily moving average, reaching a high of 23,585 yuan/mt before slightly declining to a low of 23,475 yuan/mt. Near the close, SHFE zinc rebounded from the low, moving above the daily moving average and finally closing with a gain at 23,555 yuan/mt, up 5 yuan/mt or 0.02%. Trading volume increased to 58,198 lots, and open interest rose by 101 lots to 91,824 lots. SHFE zinc recorded a bullish candlestick, with support provided by the lower Bollinger Band. Recently, the upward trend in TC has continued, and at the current price level, some domestic smelters have already started to turn profitable. The market anticipates a certain increase in supply in the future, exerting pressure on zinc prices to remain at low levels.
》Subscribe to view SMM historical spot metal prices
