Overnight, LME zinc opened at $2,980/mt. At the beginning of the session, LME zinc quickly touched a high of $2,991/mt before its center shifted below the daily average line. During European trading hours, it attempted to break upward but failed, and its center moved downward to around $2,960/mt during the night session. By the end of the session, it dipped to $2,955/mt and ultimately closed lower at $2,960/mt, down by $25.5/mt or 0.85%. Trading volume decreased to 10,323 lots, and open interest fell by 2,347 lots to 225,000 lots. Overnight, LME zinc stopped rising and started to fall, with the KDJ indicator narrowing its opening. US February retail sales monthly rate fell short of expectations overnight, leading to increased short positions that pressured LME zinc to decline accordingly.
Overnight, the most-traded SHFE zinc 2505 contract opened at the intraday high of 24,160 yuan/mt. At the beginning of the session, long positions exited, causing SHFE zinc to drop rapidly, with its center fluctuating near the daily average line. During this period, it dipped to a low of 24,005 yuan/mt and ultimately closed lower at 24,025 yuan/mt, down by 180 yuan/mt or 0.74%. Trading volume decreased to 56,710 lots, and open interest fell by 488 lots to 124,000 lots. Overnight, SHFE zinc recorded a bearish candlestick, with support provided by the 60-day moving average below. Amid high zinc prices, downstream enterprises remained cautious in their purchases. SMM social inventory increased by 2,900 mt to 138,800 mt, limiting the upward momentum of zinc prices.
