SMM April 22 News:
Monday coincided with the Easter holiday, and LME zinc was closed.
Overnight, the most-traded SHFE zinc 2506 contract opened at 22,450 yuan/mt, reaching a high of 22,450 yuan/mt at the opening, then fluctuated downward, touching a low of 22,250 yuan/mt near the end of the session, and finally closed down at 22,270 yuan/mt, a decrease of 125 yuan/mt, or 0.56%. The trading volume decreased to 51,630 lots, while the open interest increased by 1,199 lots to 127,000 lots. Overnight, SHFE zinc recorded a bearish candlestick, with the 5-day moving average providing support below. On Monday, SMM zinc ingot continued destocking, providing bottom support for zinc prices. However, on the fundamentals side, zinc ingot supply continued to increase, coupled with ongoing market concerns about consumption, SHFE zinc maintained a fluctuation at lows.
