SMM, May 21:
The most-traded SHFE zinc 2507 contract opened at 22,460 yuan/mt. In early trading, SHFE zinc reached a high of 22,470 yuan/mt, then dropped back slightly to a low of 22,325 yuan/mt. During the daytime session, SHFE zinc fluctuated rangebound around the daily average line, eventually closing down at 22,410 yuan/mt, down 35 yuan/mt or 0.16%. Trading volume increased to 54,217 lots, while open interest rose by 3,944 lots to 101,000 lots. SHFE zinc recorded a bearish candlestick, with the 5-day moving average providing support below. On the fundamentals side, the expectation of loose zinc supply persists, and consumption has not shown significant improvement. SHFE zinc lacks upward momentum, continuing to oscillate during the daytime session.
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