SMM reported on July 3:
The most-traded SHFE zinc 2508 contract opened at 22,380 yuan/mt. It fluctuated rangebound above the daily average line in the early session, hitting a high of 22,390 yuan/mt. Then it declined all the way, touching a low of 22,245 yuan/mt near the midday break. As SHFE zinc rebounded to the vicinity of the daily average line again, it finally closed down at 22,325 yuan/mt, down 50 yuan/mt or 0.22%. Trading volume increased to 75,272 lots, while open interest decreased by 2,009 lots to 128,000 lots. SHFE zinc recorded a bearish candlestick, with the 5-day moving average providing support below. On Thursday, SMM zinc inventory rose MoM by 1,800 mt to 82,400 mt. Zinc ingot inventory continued to accumulate, and downstream consumption remained weak during the off-season. During the day, SHFE zinc maintained a fluctuating trend.
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