SMM News on July 18:
The most-traded SHFE zinc 2509 contract opened at 22,360 yuan/mt. After the opening, bears increased their positions, pushing SHFE zinc prices down below the daily average line. Near the close, bulls increased their positions, enabling SHFE zinc to recover some of its losses. It finally closed up at 22,295 yuan/mt, rising by 175 yuan/mt or 0.79%. Trading volume increased to 151,000 lots, and open interest rose by 11,470 lots to 116,000 lots. SHFE zinc recorded a bullish candlestick, with the upper Bollinger Bands acting as resistance and the 40/60-day moving averages providing support. The domestic market sentiment has been positive recently, providing some support to zinc prices. Meanwhile, overseas zinc inventory has decreased slightly, and LME zinc prices have continued to rise, suggesting the possibility of SHFE zinc opening higher with a gap in the evening session.
