SMM March 3 News: The most-traded SHFE zinc 2504 contract opened at 23,555 yuan/mt. In early trading, bears reduced positions, driving SHFE zinc upward to an intraday high of 23,810 yuan/mt. Later, as upward momentum weakened, the center dropped back slightly, and the contract ultimately closed higher at 23,730 yuan/mt, up 305 yuan/mt or 1.30%. Trading volume increased to 168,000 lots, while open interest decreased by 9,223 lots to 87,684 lots. SHFE zinc recorded a long bullish candlestick. According to SMM communication, as of this Monday (March 3), the total zinc ingot inventory across SMM's seven regions stood at 136,500 mt, down by 9,100 mt compared to February 24 and by 8,800 mt compared to February 27. Domestic inventory declined, and China's February PMI returned to the expansion zone at 50.2%. Macro sentiment continued to ease, providing support for SHFE zinc. It is expected that SHFE zinc will mainly fluctuate in the evening session.
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