SMM News on July 2:
The most-traded SHFE zinc 2508 contract opened at 22,160 yuan/mt. In the early session, SHFE zinc dipped to 22,145 yuan/mt, then fluctuated upward above the daily average line. Near the end of the session, SHFE zinc hit a high of 22,280 yuan/mt, and finally closed up at 22,230 yuan/mt, up 55 yuan/mt or 0.25%. Trading volume increased to 72,290 lots, while open interest decreased by 4,835 lots to 130,000 lots. SHFE zinc recorded a bullish candlestick, with the 5-day moving average forming resistance above. The weak fundamentals continued to drag down zinc prices. During the day, SHFE zinc maintained a fluctuating trend. However, the inventory buildup in domestic social inventory remained insignificant, and low inventory still supported zinc prices. It is expected that zinc prices will have limited declines in the short term.
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