SMM June 12 News:
The most-traded SHFE zinc 2507 contract opened at 22,030 yuan/mt. After the opening, SHFE zinc weakened slightly, dipping to 21,965 yuan/mt, before fluctuating upward all the way. It hit a high of 22,130 yuan/mt during the midday session, and then pulled back again to near the daily average line. It finally closed up at 22,085 yuan/mt, up 85 yuan/mt or 0.39%. Trading volume increased to 70,108 lots, while open interest decreased by 4,464 lots to 121,000 lots. SHFE zinc recorded a bullish candlestick, with the 5-day moving average providing support below. On Thursday, SMM zinc ingot inventory decreased by 4,600 mt to 77,100 mt. Low inventory continued to support zinc prices, but bearish sentiment persisted in the market, and SHFE zinc maintained a fluctuating trend.
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