SMM, April 30:
Overnight, LME zinc opened at $2,652.5/mt. In the early session, LME zinc briefly rose to a high of $2,671/mt. Subsequently, as bulls reduced their positions, LME zinc fluctuated downward, reaching a low of $2,641/mt, before stabilizing and rebounding. LME zinc consolidated near the daily average line, ultimately closing down at $2,650.5/mt, a decrease of $3.5/mt or 0.13%. Trading volume increased to 7,587 lots, while open interest decreased by 1,121 lots to 206,000 lots. Overnight, LME zinc recorded a small bearish candlestick, with the 5-day moving average acting as resistance. Supported by hopes for a US trade agreement, the US dollar index fluctuated higher, while LME inventory continued to decline, with LME zinc mainly fluctuating.
Overnight, the most-traded SHFE zinc 2506 contract opened at 22,605 yuan/mt. In the early session, as bulls increased their positions, SHFE zinc briefly rose, reaching a high of 22,650 yuan/mt. Subsequently, as bulls exited the market, SHFE zinc declined, reaching a low of 22,505 yuan/mt, before fluctuating. It ultimately closed flat at 22,550 yuan/mt. Trading volume decreased to 48,945 lots, while open interest increased by 474 lots to 115,000 lots. Overnight, SHFE zinc recorded a small bearish candlestick. As the Labour Day holiday approaches, there are many macro uncertainties, and funds are relatively cautious. From a fundamental perspective, the decline in social inventory has temporarily halted, but consumption expectations are under pressure, with SHFE zinc mainly fluctuating.
