SMM News on June 11:
The most-traded SHFE zinc 2507 contract opened at 21,925 yuan/mt. Early in the session, SHFE zinc dipped to 21,885 yuan/mt, then fluctuated upward, reaching a high of 22,205 yuan/mt near the close. It finally closed up at 22,140 yuan/mt, up 215 yuan/mt or 0.98%. Trading volume increased to 118,000 lots, while open interest decreased by 7,261 lots to 126,000 lots. SHFE zinc recorded a bullish candlestick, with the lower band of the Bollinger Bands providing support. Recently, macro sentiment has improved, and downstream markets have been buying the dip, leading to a slight improvement in spot trading. SHFE zinc halted its decline during the day, but ongoing supply-side pressure is expected to limit further upside potential for SHFE zinc.
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