SMM, June 9:
The most-traded SHFE zinc 2507 contract opened at 22,220 yuan/mt. During the morning session, SHFE zinc fluctuated rangebound around the daily average line, hitting a high of 22,335 yuan/mt. After entering the afternoon session, SHFE zinc prices declined steadily, reaching a low of 21,855 yuan/mt near the close. The contract eventually closed at 21,910 yuan/mt, down 315 yuan/mt or 1.42%. Trading volume increased to 173,000 lots, while open interest rose by 16,230 lots to 136,000 lots. SHFE zinc recorded a large bearish candlestick, with the 5-day moving average acting as resistance. The plum rain season has arrived, and downstream zinc enterprises are gradually entering the off-season. Spot demand weakened MoM. SMM's zinc ingot inventory increased again to 81,700 mt on Monday. The market expects inventory buildup to continue, and bears significantly increased their positions, leading to a notable decline in SHFE zinc during the day.
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